UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08071
Lazard Retirement Series, Inc.
(Exact name of registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 12/31/23
ITEM 1. REPORTS TO STOCKHOLDERS.
Lazard Retirement Series
Annual Report
December 31, 2023
Equity
Lazard Retirement Emerging Markets Equity Portfolio
Lazard Retirement International Equity Portfolio
Lazard Retirement US Small Cap Equity Select Portfolio
Multi-Asset
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Lazard Retirement Series, Inc. Table of Contents
Shares of the Portfolios are currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis.
Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Retirement Series, Inc. (the “Fund”), you may obtain a prospectus or a Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.
Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.
Distributed by Lazard Asset Management Securities LLC.
Annual Report 1
Lazard Retirement Series, Inc. A Message from Lazard (unaudited)
Dear Shareholder:
The year 2023 saw bloodshed from wars in Europe and the Middle East, ample displays of political complexities in the United States, and further advances in the development of machines that can mimic human thinking. For financial markets, however, which endured nearly 4,000 basis points of interest rate hikes since late 2021, the year was defined by one simple question posed to major central banks: What comes next?
Financial markets were a roller coaster in 2023, as investors were forced to constantly adjust their expectations on when key central banks would retreat from their restrictive monetary policy stances out of fear that these positions would tip the global economy into a severe recession. Against this backdrop, the US Federal Reserve (the “Fed”) was front and center in the minds of investors, as it waged its most aggressive rate-hiking campaign in over 40 years. After raising interest rates seven times in 2022, the world’s most influential central bank did so again four times in 2023, raising borrowing costs to their highest level in 22 years. Data suggesting that domestic inflation was cooling and that the US economy remained remarkably resilient sparked optimism in the second half of the year that the Fed was done raising interest rates and perhaps would begin lowering them in 2024. While the Fed did, in fact, pass up opportunities to raise interest rates higher in its last three policy meetings of 2023, it also sent mixed signals about the trajectory of its rate-hiking campaign, which triggered spikes in volatility across financial markets.
The Fed was not the only central bank to make news in 2023. In Europe, both the European Central Bank (the “ECB”) and the Bank of England (the “BOE”) continued to raise interest rates at a furious pace before pausing their inflation-fighting campaigns in the latter part of the year. Meanwhile, in Asia, the Bank of Japan, which kept interest rates ultra-low during the global monetary tightening cycle, began to veer from this path in the closing months of the year amid signs that inflation was accelerating in Japan.
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After suffering through a dismal 2022, financial markets rebounded in 2023, driven primarily by hopes that inflation had fallen enough for key central banks, particularly the Fed, to begin cutting interest rates next year. Global equity markets, as measured by the MSCI All Country World Index, surged 22.2% in 2023 while global bond markets, as measured by the Bloomberg Global Aggregate Bond Index, gained 5.7%. (Index returns are in US dollar terms.)
The challenging market conditions in 2023 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.
Sincerely,
Lazard Asset Management LLC
Annual Report 3
Lazard Retirement Series, Inc. Market Overviews (unaudited)
Global Markets
In the trailing 12-month period that ended December 31, global equity markets rose sharply, as investors speculated about the path ahead for the interest rate policies of major central banks.
After enduring nearly 4,000 basis points in interest rate hikes from major central banks since late 2021, the actions of these central banks were front and center once again in the minds of investors. Early on, markets rallied on hopes that a severe worldwide economic recession could be avoided, and that slowing inflation would induce major central banks to ease up on their forceful monetary tightening cycles. That optimism faded in subsequent months, however, as the Fed continued with its most aggressive rate-hiking campaign in over 40 years and hinted that interest rates could stay elevated for a while. The fallout from this blizzard of rate hikes was evident in the first half of the year when bond losses contributed to regional bank weakness in the United States. The Fed, as expected, kept interest rates steady at a 22-year high following policy meetings in September, November, and December. However, after months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed began taking a less hawkish tone in November, as data suggested that a “soft landing” for the US economy was growing increasing likely. Investors cheered near the end of the period when the Fed hinted that its forceful rate-hiking campaign, which had raised rates 11 times since 2022, including four times in 2023, had reached its conclusion and forecast that it could reduce interest rates three times in 2024. After briefly exceeding the psychologically important threshold of 5% in late October, the yield on the benchmark 10-year US Treasury note ended the year exactly where it started, at 3.88%.
In Europe, persistent inflationary pressure in the eurozone led the ECB to maintain a hawkish posture throughout the year, raising rates to an all-time high after 10 consecutive hikes since mid-2022, including six raises in 2023. With data suggesting that significant progress had been made in its war against inflation, the ECB held interest rates steady in October and December but pledged to keep them at an elevated level for a sustained duration of time. Despite the ECB’s vow, investors nevertheless were betting that the
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eurozone central bank would reduce rates next year as the common currency bloc lurched toward an economic recession. Similarly, with price pressure in the United Kingdom easing materially, the BOE kept its interest rates steady in September, November, and December, leaving them at a 15-year high after 14 consecutive hikes since December 2021, including five times in 2023. The BOE pledged to maintain a hawkish stance for an extended period, but data suggesting that the United Kingdom was headed for a period of economic stagnation sparked speculation that the British central bank would cut rates in the first half of next year.
Despite stiff interest-rate headwinds, the value of global equity markets increased US$10 trillion in 2023, thanks largely to the strong performance of a handful of mega-cap US technology stocks. These mega-cap US technology stocks, the so-called “Magnificent Seven”—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla—surged 76% on a weighted average basis and accounted for about 42% of the gain recorded by the MSCI All Country World Index (ACWI). By way of comparison, the rest of the stocks in the MSCI All Country World Index gained roughly 12% for the year.
Against this backdrop, equity markets in both the developed and developing worlds rose in 2023, with the former outperforming the latter. In the United States, the S&P 500 Index soared and came within 0.6% of its record high at the end of year on growing expectations that the Fed would pivot to a more dovish stance. The “Magnificent Seven” group of mega cap technology stocks accounted for roughly two-thirds of the S&P 500 Index’s 2023 gain. Across the Atlantic, the pan-European STOXX Europe 600 Index recorded its best annual performance since 2019 on hopes that the ECB would begin reducing rates in 2024 amid signs of significant progress in its inflation-fighting campaign. In Japan, the Tokyo Stock Price Index (“TOPIX”) surged, thanks largely to a weak yen and efforts to improve corporate governance and profitability. Meanwhile, in emerging Asia, the Hong Kong-based Hang Seng Index, which is comprised mostly of companies from mainland China and serves as a gateway for foreign investors
Annual Report 5
wanting to put money there, tumbled in 2023 and was one of the world’s worst-performing stock markets due to worries about China’s mounting economic woes and the lack of a forceful response from Chinese policymakers.
Information technology was the best-performing sector in 2023, as a market frenzy about artificial intelligence led investors to bid up shares of technology companies linked to field of study. Utilities was the worst-performing sector, as elevated bond yields hurt high-dividend-paying “bond proxy” stocks.
Emerging Markets Equities
Despite ongoing concerns about a global economic recession and heightened geopolitical tensions, equity markets in the developing world finished the year appreciably higher in 2023, with the MSCI Emerging Markets Index climbing 9.8%. Equity markets in the largest region of the developing world, emerging Asia, rose 7.8% but nevertheless lagged the broader market index. Meanwhile, stock markets in Latin America and Eastern Europe recorded string gains of 32.7% and 47.2%, respectively. Stock markets rallied especially towards year end, as investors began to expect a “soft landing” for the global economy.
Stock markets in the region encompassing emerging Europe, the Middle East, and Africa (EMEA) advanced but lagged the broader market index in the year. Equity markets in emerging Europe registered especially strong gains in 2023. Greece’s stock market recovered sharply, as the country’s economy rebounded after Kyriakos Mitsotakis was elected for a second term as Greece’s prime minister in June 2023. Hungarian stocks were helped by strong performance in certain stocks with a regional footprint. Poland’s stock market advanced on optimism that funds from the European Union will be allocated to the country after a centrist coalition led by the opposition Civic Platform party prevailed in Poland’s parliamentary election. Egyptian shares performed well but the currency was not freely convertible. Turkey’s stock market slid despite a pivot to a more orthodox monetary policy by the country’s central bank and increased investor interest. South Africa’s equity market lagged due to stagnant economic growth and
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structural problems, such as with Eskom, the main electric utility provider in the country.
Equity markets in Latin America all rose in the 12-month period and Latin America was the best-performing region in 2023, thanks to a recovery in initial investor pessimism stemming from the elections of leftward-leaning presidents in most countries. Equity markets in Mexico, Peru, and Brazil posted the largest advances, all aided by signs of lower political tensions and reasonably strong economic activity.
The performance of markets in emerging Asia varied widely. China’s equity market tumbled, falling 11.2%, as property industry weakness, ongoing government regulation in internet platform companies, and concerns about geopolitical risks hampered the country’s post-pandemic economic recovery. Thai equities finished more than 15.5% lower than the previous year, hurt by slow growth and poor tourism revenue. Most stock markets in Southeast Asia lagged regionally, while the markets in North Asia performed well. Equity markets in Taiwan and South Korea posted strong gains, boosted by semiconductor prices. India’s stock market continued to benefit from the country’s strong economic growth despite somewhat richer valuations.
Information technology and energy were the best-performing sectors in 2023. Conversely, real estate, consumer discretionary, and healthcare were the worst-performing sectors.
International Equities
In the trailing 12-month period that ended December 31, international equity markets rose sharply, as investors hoped that inflation had fallen enough for major central banks to finally end their restrictive monetary policies and perhaps even begin cutting interest rates next year.
All eyes were on the Fed during the year as the US central bank waged its most aggressive inflation-fighting campaign in 40 years, raising US interest rates from virtually zero to its highest level in 22 years. After lifting interest rates 11 times since March 2022,
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including four times in 2023, the US central bank pledged to keep rates “higher for longer” in order to ease persistent inflationary pressure. However, encouraging inflation data and less hawkish comments from the Fed, including hints that its rate-hiking campaign was finished and a forecast that pointed to three rate cuts in 2024, were cheered by investors.
A similar situation was playing out in Europe, where the ECB and the BOE continued raising interest rates at a furious pace, lifting them six times and five times in 2023, respectively. With data suggesting that inflation in the eurozone and the UK had fallen significantly, both central banks declined to raise interest rates any higher in the latter part of the year but pledged to adopt the “higher for longer” position as their official interest rate policy stance. However, with both the eurozone and the UK expected to enter into periods of economic stagnation in the near term, investors bet that both the ECB and the BOE will begin cutting rates in 2024.
Investor optimism was dampened by developments in China, where investors feared that China’s mounting economic woes could ripple across the broader global economy. With China’s economy—the world’s second largest—continuing to struggle under the weight of a real estate crisis and the growing risk of deflation, foreign investors were dumping Chinese stocks out of concern about the lack of a forceful response from Chinese policymakers.
US Equities
In the trailing 12-month period that ended December 31, the US equity market rallied, as investors speculated about the path ahead for the Fed’s interest rate policy after the US central bank raised interest rates from near-zero early last year to its highest level since 2001.
Early on in the year, markets rallied on hopes that an economic recession could be avoided globally and that slowing inflation would induce major central banks to ease up on their monetary tightening cycles. In March, news that several US banks had been seized by the government stoked fears of potential contagion, but actions by the Fed and the Federal Deposit Insurance Corporation helped alleviate
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market concerns. After months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed began taking a less hawkish tone in November as data suggested that a “soft landing” for the US economy was growing increasing likely. Investors cheered near the end of the year when the Fed hinted that its forceful rate-hiking campaign had reached its conclusion and forecast that it could reduce interest rates in 2024. The economy continued to show resilience, culminating with a third-quarter GDP growth reading coming in higher than initially anticipated at 5.2% and the US continuing to add more jobs at a strong pace. The S&P 500 Index’s seven largest constituents—the so-called “Magnificent Seven” (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla)—collectively surged 76% on a weighted average basis in 2023 and accounted for roughly two-thirds of the S&P 500 Index’s gain for the year. The S&P 500 Index ended 2023 just 0.6% shy of its record high set in January 2022.
The US small cap market, as measured by the Russell 2000 Index, began the year with a strong start in January; however, fear of continuing inflation and elevated interest rates led to continued pressure and volatility in small caps. Over the last two months of the year, with inflation seemingly under control, and a soft landing appearing to be in sight, small caps returned 22.4% leading them into positive territory and ending at 16.9% for the year.
Multi-Asset
Global equity markets rose sharply in 2023, as investors speculated about the path ahead for the interest rate policies of major central banks. Despite stiff interest-rate headwinds, the value of global equity markets increased US$10 trillion in 2023, thanks largely to the strong performance of a handful of mega-cap US technology stocks. After enduring nearly 4,000 basis points of interest rate hikes from major central banks since 2021, the bond market staged a strong rally in the last two months of 2023 on expectations that a global rate-cutting cycle would soon begin. The yield on the benchmark 10-year US Treasury closed the year at 3.88%, the same level at which it started the year. Despite high volatility, credit markets performed well in 2023, with solid demand for both global investment grade corporate bonds and global high-yield bonds.
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Emerging markets debt ended a difficult and volatile year with significant gains, thanks to a strong rally in the closing months of 2023.
PORTFOLIO PERFORMANCE
Lazard Retirement Emerging Markets Equity Portfolio
For the year ended December 31, 2023, the Lazard Retirement Emerging Markets Equity Portfolio’s Investor Shares posted a total return of 22.61%, while Service Shares posted a total return of 22.27%, as compared with the 9.83% return for its benchmark, the MSCI Emerging Markets® Index.
Security selection in the information technology, consumer discretionary, financials and industrial sectors contributed to relative performance. A higher-than-benchmark exposure to the energy sector and a lower-than-benchmark exposure to the consumer discretionary sector boosted relative performance. From a country perspective, security selection in Taiwan, China, Brazil, and South Africa contributed, as did a higher-than-benchmark exposure to Brazil and Hungary and a lower-than-benchmark exposure to China. A re-rating of technology hardware and infrastructure stocks due to market enthusiasm over the potential for artificial intelligence (AI)-related demand benefited Quanta Computer, a Taiwanese manufacturer of notebook computers and cloud computing/network system solutions. Shares of Petrobras rallied as concerns regarding the Brazilian energy company’s corporate governance and pricing policies were alleviated. Shares of SK Hynix rose on optimism that the South Korea-based chipmaker will benefit from the expected demand recovery for memory chips. Shares received another boost from hopes that the proliferation of servers linked to artificial intelligence could expedite the transition to the next generation of memory chips, thus helping to clear inventories.
Security selection in the consumer staples and real estate sectors was a detractor to relative performance. A lower-than-benchmark exposure to India detracted from returns. Weakening macro data and housing sales dynamics in China led to a sell-off in shares of
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China Vanke, a residential real estate developer. Chinese lender China Merchant Bank saw its stock price fall on concerns about China’s uncertain economic outlook and its debt-laden real estate sector, of which China’s banking system is exposed.
Lazard Retirement Global Dynamic Multi-Asset Portfolio
For the year ended December 31, 2023, the Lazard Retirement Global Dynamic Multi-Asset Portfolio’s Investor Shares posted a total return of 11.06%, while Service Shares posted a total return of 10.81%, as compared with the 23.79% return for the MSCI World® Index and the 14.51% return of its blended benchmark, which is a 50/50 blend of the MSCI World® Index and the Bloomberg Global Aggregate® Index (the “GDMA Index”).
Among the detracting factors, in the equity allocation, stock selection in the information technology and consumer staples sectors, as well as stock selection in the US, undercut relative performance. Within the fixed income allocation, underweight exposure to bonds in South Korea, as well as underweight exposure to bonds on the Chinese renminbi yield curve, hurt relative performance.
Currency forwards were primarily used for foreign exchange hedging purposes and they marginally detracted from relative performance in the year.
Among the contributing factors, a modest overweight exposure to equities versus fixed income relative to the benchmark was beneficial to relative performance, as equities outperformed fixed income in the year. Within the equity allocation, underweight exposure to the energy and materials sectors, as well as stock selection in Italy and the Netherlands, boosted relative performance. Overweight positioning to bonds in the Bahamas, Peru, and Chile within the fixed income allocation helped.
Lazard Retirement International Equity Portfolio
For the year ended December 31, 2023, the Lazard Retirement International Equity Portfolio’s Service Shares posted a total return of 15.88%, as compared with the 18.24% return for the MSCI EAFE® Index.
Annual Report 11
The Portfolio’s exposure to China (out-of-index exposure) detracted from relative returns. Stock markets in China and Hong Kong were among the worst performing in the world in 2023 due to growing concerns about China’s mounting economic issues and about how Chinese policymakers intend to address these issues. As a result, the Portfolio’s China-based and Hong Kong-based holdings fell as part of a broader decline in Chinese stocks. Shares of Alibaba came under additional pressure due to news that the e-commerce giant was reassessing its plans to pursue separate listings for several divisions, which called into question its proposed plans to restructure the group. Many investors had hoped a simplification of the businesses would unlock value in the conglomerate structure and drive more accountability for individual divisions to generate higher financial returns. The fall in the stock price of Chinese sports apparel and equipment company Li-Ning was attributed to a slower-than-expected recovery in Chinese consumer spending. Meanwhile, in the developed world, shares of Anglo American receded after the UK-based miner announced a major cut in production guidance in December in an effort to maintain profitability.
Stock selection within Japan contributed to performance. Shares of Disco traded higher after the Japan-based semiconductor manufacturer reported second quarter results that exceeded consensus estimates and issued better-than-expected guidance for the third quarter, thanks to growing demand for generative artificial intelligence. Several stocks in the industrials sector were among the top contributors. Shares of Ryanair advanced after the Ireland-based discount air carrier reported strong third-quarter results and noted solid demand for air travel, a positive outlook for pricing. Cash flow generation was strong, which underpins further buybacks and dividends. Shares of RELX rose after the UK-based information and analytics provider reported an encouraging nine-month trading update, highlighted by better-than-expected revenue growth. Shares received an additional boost from the successful launch of the company’s AI product in the United States.
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Lazard Retirement US Small Cap Equity Select Portfolio
For the year ended December 31, 2023, the Lazard Retirement US Small Cap Equity Select Portfolio’s Service Shares posted a total return of 10.02%, as compared with the 16.93% return for the Russell 2000® Index and the 17.74% return for the Russell 2000/2500 Linked Index.
Stock selection in the health care sector detracted from relative performance. Shares of dental equipment and supplies manufacturer Envista fell after management’s updated view translated to a significant reduction in 2023 and 2024 expectations. Stock selection in the industrials sector also detracted. Shares of Leidos underperformed after the government services contractor reported weak quarterly results in May. Shares were also weighed down by the US debt ceiling crisis and the company’s CEO transition. In the materials sector, shares of Ingevity, a manufacturer of specialty chemical products principally sourced from renewable materials, fell. Higher input costs in the performance chemicals segment pressured margins throughout the year. Stock selection in the consumer staples sector contributed to relative performance. Shares of baked goods manufacturer Hostess rose amid reports of takeover interest from multiple parties. In September, J.M. Smucker officially announced plans to acquire the company at what we believed to be an attractive price of $5.6 billion, and we subsequently exited our position. The Portfolio owned Hostess securities since April 2021, based on the thesis that it was a market share gainer and had strong pricing power in an attractive category. Smucker won a competitive bidding process, which included many of the larger snacking and packaged food peers. Stock selection in the communication services sector also contributed. Take-Two Interactive Software reported solid earnings and confirmed the December release of a trailer for GTA 6, one of the most highly anticipated video games in history. Investors viewed the confirmation favorably, as it is likely to be one of the largest entertainment releases of all time.
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Lazard Retirement Series, Inc. Performance Overviews (unaudited)
Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Service Shares and Investor Shares, and the indexes shown below.
Lazard Retirement Emerging Markets Equity Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Emerging Markets Equity Portfolio and the MSCI Emerging Markets® Index
Average Annual Total Returns
Periods Ended December 31, 2023
One Year | Five Year | Ten Year | ||
Service Shares | 22.27% | 5.01% | 2.04% | |
Investor Shares | 22.61% | 5.26% | 2.29% | |
MSCI Emerging Markets Index | 9.83% | 3.69% | 2.66% |
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Global Dynamic Multi-Asset Portfolio, the MSCI World® Index and the GDMA Index
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Average Annual Total Returns
Periods Ended December 31, 2023
One Year | Five Year | Ten Year | Since Inception | † | |
Service Shares | 10.81% | 4.00% | 3.77% | 5.31% | |
Investor Shares | 11.06% | 4.15% | N/A | 4.15% | |
MSCI World Index | 23.79% | 12.80% | 8.60% | 9.99% | |
(Service | |||||
Shares) | |||||
12.80% | |||||
(Investor | |||||
Shares) | |||||
GDMA Index | 14.51% | 6.34% | 4.64% | 5.24% | |
(Service | |||||
Shares) | |||||
6.34% | |||||
(Investor | |||||
Shares) |
† | The inception date for the Service Shares was April 30, 2012 and for the Investor Shares was December 31, 2018. |
Lazard Retirement International Equity Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement International Equity Portfolio and the MSCI EAFE® Index
Average Annual Total Returns
Periods Ended December 31, 2023
One Year | Five Year | Ten Year | ||
Service Shares | 15.88% | 6.42% | 2.98% | |
MSCI EAFE Index | 18.24% | 8.16% | 4.28% |
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Lazard Retirement US Small Cap Equity Select Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement US Small Cap Equity Select Portfolio, the Russell 2000® Index, the Russell 2500® Index and the Russell 2000/2500 Linked Index
Average Annual Total Returns
Periods Ended December 31, 2023
One Year | Five Year | Ten Year | ||
Service Shares | 10.02% | 9.10% | 6.73% | |
Russell 2000 Index | 16.93% | 9.97% | 7.16% | |
Russell 2500 Index | 17.42% | 11.67% | 8.36% | |
Russell 2000/2500 Linked Index | 17.74% | 11.73% | 8.39% |
Notes to Performance Overviews:
Information About Portfolios Performance Shown Above
Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or SS&C Global Investor and Distribution Solutions, Inc., the Fund’s transfer agent and dividend disbursing agent (“SS&C GIDS”); without such waiver/reimbursement of expenses, the Portfolios’ returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. Returns for a period of less than one year are not annualized.
Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any.
The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
The performance of Service Shares and Investor Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
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Information About Index Performance Shown Above
The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.
The GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Global Aggregate® Index and is rebalanced monthly. The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt and global Treasury.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.
The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 24 emerging markets country indices.
The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.
The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
The Russell 2000/2500 Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2500 Index through August 31, 2023 to the Russell 2000 Index beginning on September 1, 2023 (when the Portfolio’s investment focus was changed from small-mid cap companies to small cap companies).
The Russell 2500 Index measures the performance of the small- to mid-capitalization segment of the US equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.
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Lazard Retirement Series, Inc.
Information About Your Portfolio’s Expenses (unaudited)
Expense Example
As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Service Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2023 through December 31, 2023 and held for the entire period.
Actual Expenses
For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that you also bear fees and charges imposed by participating insurance companies at the separate account level, which are described in the separate prospectuses issued by the participating insurance companies. Such charges will have the effect of reducing account value.
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Portfolios | Beginning Account Value 7/1/23 | Ending Account Value 12/31/23 | Expenses Paid During Period* 7/1/23 - 12/31/23 | Annualized Expense Ratio During Period 7/1/23 - 12/31/23 | |||||
Emerging Markets Equity | |||||||||
Service Shares | |||||||||
Actual | $1,000.00 | $1,079.90 | $7.55 | 1.44% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.95 | $7.32 | 1.44% | |||||
Investor Shares | |||||||||
Actual | $1,000.00 | $1,081.50 | $6.24 | 1.19% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.21 | $6.06 | 1.19% | |||||
Global Dynamic Multi-Asset | |||||||||
Service Shares | |||||||||
Actual | $1,000.00 | $1,052.00 | $5.43 | 1.05% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.91 | $5.35 | 1.05% | |||||
Investor Shares | |||||||||
Actual | $1,000.00 | $1,052.80 | $4.66 | 0.90% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.67 | $4.58 | 0.90% | |||||
International Equity | |||||||||
Service Shares | |||||||||
Actual | $1,000.00 | $1,027.00 | $6.08 | 1.19% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.21 | $6.06 | 1.19% | |||||
US Small Cap Equity Select | |||||||||
Service Shares | |||||||||
Actual | $1,000.00 | $1,062.20 | $5.98 | 1.15% | |||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.41 | $5.85 | 1.15% |
* | Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period). |
Annual Report 19
Lazard Retirement Series, Inc.
Portfolio Holdings Presented by Sector December 31, 2023 (unaudited)
Sector* | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio# | Lazard Retirement International Equity Portfolio | Lazard Retirement US Small Cap Equity Select Portfolio | ||||||||||||
Communication Services | 6.9 | % | 6.1 | % | 4.0 | % | 5.1 | % | ||||||||
Consumer Discretionary | 9.7 | 8.3 | 12.5 | 11.8 | ||||||||||||
Consumer Staples | 6.5 | 5.9 | 10.8 | 2.8 | ||||||||||||
Energy | 8.4 | 1.2 | 3.3 | 6.2 | ||||||||||||
Financials | 26.3 | 13.6 | 13.5 | 15.9 | ||||||||||||
Health Care | 3.6 | 10.1 | 8.8 | 14.7 | ||||||||||||
Industrials | 6.6 | 8.0 | 22.1 | 15.7 | ||||||||||||
Information Technology | 21.0 | 14.3 | 10.1 | 13.4 | ||||||||||||
Materials | 6.6 | 1.3 | 5.5 | 5.3 | ||||||||||||
Real Estate | 0.5 | 1.8 | 1.5 | 5.5 | ||||||||||||
Utilities | 1.6 | 2.5 | 4.8 | 2.0 | ||||||||||||
U.S. Municipal Bonds | — | 0.8 | — | — | ||||||||||||
Sovereign Debt | — | 23.0 | — | — | ||||||||||||
U.S. Treasury Securities | — | 2.9 | — | — | ||||||||||||
Short-Term Investments | 2.3 | 0.2 | 3.1 | 1.6 | ||||||||||||
Total Investments | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
* | Represents percentage of total investments. |
# | Equity sector breakdown is based upon the underlying holdings of exchange-traded funds held by the Portfolio. |
20 Annual Report
Lazard Retirement Series, Inc. Portfolios of Investments
December 31, 2023
The accompanying notes are an integral part of these financial statements.
Annual Report 21
Description | Shares | Fair Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio (continued) | ||||||||
Egypt | 0.7% | ||||||||
Commercial International Bank - Egypt (CIB) GDR | 1,758,278 | $ | 2,250,601 | |||||
Greece | 1.6% | ||||||||
National Bank of Greece SA (*) | 449,527 | 3,119,446 | ||||||
OPAP SA | 130,207 | 2,210,364 | ||||||
5,329,810 | ||||||||
Hong Kong | 0.7% | ||||||||
ASMPT Ltd. | 247,388 | 2,349,091 | ||||||
Hungary | 3.4% | ||||||||
MOL Hungarian Oil & Gas PLC | 392,622 | 3,198,220 | ||||||
OTP Bank Nyrt | 169,627 | 7,725,631 | ||||||
10,923,851 | ||||||||
India | 6.3% | ||||||||
Axis Bank Ltd. | 232,984 | 3,081,742 | ||||||
Bharat Petroleum Corp. Ltd. | 73,500 | 397,713 | ||||||
Hindalco Industries Ltd. | 314,967 | 2,322,474 | ||||||
Indus Towers Ltd. (*) | 1,881,715 | 4,497,451 | ||||||
Infosys Ltd. ADR | 182,370 | 3,351,961 | ||||||
Tata Consultancy Services Ltd. | 56,960 | 2,593,524 | ||||||
UPL Ltd. | 568,415 | 4,007,867 | ||||||
20,252,732 | ||||||||
Indonesia | 4.8% | ||||||||
Astra International Tbk PT | 10,719,904 | 3,928,180 | ||||||
Bank Mandiri Persero Tbk PT | 13,495,760 | 5,293,998 | ||||||
Telkom Indonesia Persero Tbk. PT ADR | 154,436 | 3,978,271 | ||||||
United Tractors Tbk PT | 1,641,100 | 2,409,731 | ||||||
15,610,180 |
The accompanying notes are an integral part of these financial statements.
22 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio (continued) | ||||||||
Mexico | 5.3% | ||||||||
America Movil SAB de CV ADR | 194,176 | $ | 3,596,139 | |||||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 4,668 | 817,927 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 386,665 | 3,888,282 | ||||||
Grupo Mexico SAB de CV, Series B | 466,072 | 2,584,928 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,708,889 | 3,841,252 | ||||||
Ternium SA ADR | 53,033 | 2,252,311 | ||||||
16,980,839 | ||||||||
Portugal | 2.4% | ||||||||
Galp Energia SGPS SA | 537,283 | 7,903,477 | ||||||
Russia | 0.0% | ||||||||
Mobile TeleSystems PJSC ADR (*), (¢) | 545,705 | 1 | ||||||
Sberbank of Russia PJSC (¢) | 1,580,119 | 1 | ||||||
2 | ||||||||
South Africa | 8.3% | ||||||||
Anglo American PLC | 109,295 | 2,742,563 | ||||||
Bidvest Group Ltd. | 249,121 | 3,442,557 | ||||||
Life Healthcare Group Holdings Ltd. | 3,497,000 | 3,512,339 | ||||||
Nedbank Group Ltd. | 421,947 | 4,982,373 | ||||||
Sanlam Ltd. | 1,076,122 | 4,285,300 | ||||||
Standard Bank Group Ltd. | 372,231 | 4,226,453 | ||||||
Vodacom Group Ltd. | 632,166 | 3,665,331 | ||||||
26,856,916 | ||||||||
South Korea | 11.4% | ||||||||
Coway Co. Ltd. | 65,803 | 2,911,516 | ||||||
Doosan Bobcat, Inc. | 19,033 | 741,826 | ||||||
Hyundai Mobis Co. Ltd. | 18,565 | 3,398,271 | ||||||
KB Financial Group, Inc. | 129,348 | 5,410,027 | ||||||
Kia Corp. | 34,842 | 2,698,206 | ||||||
KT Corp. | 153,588 | 4,095,278 | ||||||
KT&G Corp. | 35,700 | 2,405,957 | ||||||
Samsung Electronics Co. Ltd. | 88,829 | 5,402,572 | ||||||
Shinhan Financial Group Co. Ltd. | 164,128 | 5,100,788 | ||||||
SK Hynix, Inc. | 42,830 | 4,676,401 | ||||||
36,840,842 |
The accompanying notes are an integral part of these financial statements.
Annual Report 23
Description | Shares | Fair Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio (concluded) | ||||||||
Taiwan | 12.6% | ||||||||
ASE Technology Holding Co. Ltd. | 1,899,000 | $ | 8,328,152 | |||||
Globalwafers Co. Ltd. | 182,000 | 3,472,121 | ||||||
Hon Hai Precision Industry Co. Ltd. | 776,320 | 2,640,507 | ||||||
MediaTek, Inc. | 179,000 | 5,895,484 | ||||||
Novatek Microelectronics Corp. | 234,000 | 3,935,470 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 634,989 | 12,220,670 | ||||||
Yageo Corp. | 214,000 | 4,146,818 | ||||||
40,639,222 | ||||||||
Thailand | 1.9% | ||||||||
Kasikornbank PCL | 784,069 | 3,126,395 | ||||||
PTT Exploration & Production PCL (‡) | 709,300 | 3,106,727 | ||||||
6,233,122 | ||||||||
United Kingdom | 1.3% | ||||||||
Unilever PLC | 87,775 | 4,250,127 | ||||||
Total Common Stocks (Cost $281,200,813) | 315,920,459 | |||||||
Short-Term Investments | 2.3% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $7,422,654) | 7,422,654 | 7,422,654 | ||||||
Total Investments | 100.0% (Cost $288,623,467) | $ | 323,343,113 | ||||||
Liabilities in Excess of Cash and Other Assets | 0.0% | (122,463 | ) | ||||||
Net Assets | 100.0% | $ | 323,220,650 |
The accompanying notes are an integral part of these financial statements.
24 Annual Report
The accompanying notes are an integral part of these financial statements.
Annual Report 25
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
International Petroleum Corp. (*) | 17,409 | $ | 209,223 | |||||
Loblaw Cos. Ltd. | 3,882 | 375,822 | ||||||
Manulife Financial Corp. | 57,728 | 1,275,632 | ||||||
Metro, Inc. | 8,253 | 427,209 | ||||||
Parex Resources, Inc. | 6,665 | 125,498 | ||||||
Teck Resources Ltd., Class B | 3,298 | 139,407 | ||||||
Teekay Tankers Ltd., Class A | 2,254 | 112,632 | ||||||
Toronto-Dominion Bank | 6,542 | 422,744 | ||||||
5,233,389 | ||||||||
China | 0.3% | ||||||||
BOC Hong Kong Holdings Ltd. | 31,500 | 85,238 | ||||||
NXP Semiconductors NV | 1,876 | 430,880 | ||||||
Wilmar International Ltd. | 32,000 | 86,352 | ||||||
602,470 | ||||||||
Denmark | 0.9% | ||||||||
Carlsberg AS, Class B ADR | 10,447 | 261,436 | ||||||
Novo Nordisk AS, Class B | 18,539 | 1,917,579 | ||||||
2,179,015 | ||||||||
Finland | 0.1% | ||||||||
Kone OYJ ADR | 9,235 | 230,524 | ||||||
Nordea Bank Abp | 6,152 | 76,268 | ||||||
306,792 | ||||||||
France | 1.4% | ||||||||
BNP Paribas SA | 12,520 | 867,473 | ||||||
Bureau Veritas SA ADR | 3,828 | 193,888 | ||||||
Cie de Saint-Gobain SA | 756 | 55,903 | ||||||
Cie Generale des Etablissements Michelin SCA | 3,400 | 122,172 | ||||||
Legrand SA ADR | 11,148 | 231,767 | ||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 1,937 | 314,666 | ||||||
Orange SA | 37,013 | 421,077 | ||||||
Pernod Ricard SA ADR | 6,161 | 217,483 | ||||||
Societe Generale SA | 12,439 | 331,637 | ||||||
Thales SA ADR | 10,721 | 316,655 | ||||||
TotalEnergies SE | 1,128 | 76,623 | ||||||
Vinci SA | 2,943 | 369,621 | ||||||
3,518,965 |
The accompanying notes are an integral part of these financial statements.
26 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Germany | 0.8% | ||||||||
Bayerische Motoren Werke AG | 4,830 | $ | 537,211 | |||||
Beiersdorf AG | 875 | 131,101 | ||||||
Commerzbank AG | 10,773 | 127,958 | ||||||
Deutsche Bank AG | 18,547 | 253,144 | ||||||
Infineon Technologies AG | 6,465 | 269,646 | ||||||
Mercedes-Benz Group AG | 920 | 63,539 | ||||||
Merck KGaA ADR | 6,710 | 214,250 | ||||||
Talanx AG | 2,798 | 199,683 | ||||||
TUI AG (*) | 12,861 | 100,311 | ||||||
1,896,843 | ||||||||
Hong Kong | 0.3% | ||||||||
AIA Group Ltd. ADR | 6,039 | 209,372 | ||||||
Jardine Matheson Holdings Ltd. | 2,400 | 98,791 | ||||||
Link REIT | 15,400 | 86,123 | ||||||
Sun Hung Kai Properties Ltd. | 10,500 | 112,998 | ||||||
Swire Pacific Ltd., Class A | 11,500 | 97,109 | ||||||
WH Group Ltd. | 130,500 | 84,174 | ||||||
688,567 | ||||||||
Israel | 0.1% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 145,190 | 197,307 | ||||||
Perion Network Ltd. (*) | 3,212 | 99,155 | ||||||
296,462 | ||||||||
Italy | 0.7% | ||||||||
Banco BPM SpA | 46,461 | 245,317 | ||||||
BPER Banca | 27,420 | 91,632 | ||||||
Ferrari NV | 688 | 231,883 | ||||||
Intesa Sanpaolo SpA | 130,863 | 382,005 | ||||||
Poste Italiane SpA | 21,545 | 244,441 | ||||||
Saras SpA | 77,869 | 139,162 | ||||||
Telecom Italia SpA (*) | 417,391 | 135,811 | ||||||
UniCredit SpA | 11,436 | 310,233 | ||||||
1,780,484 |
The accompanying notes are an integral part of these financial statements.
Annual Report 27
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Japan | 4.6% | ||||||||
ANA Holdings, Inc. (*) | 3,700 | $ | 80,180 | |||||
Central Japan Railway Co. | 6,000 | 152,132 | ||||||
Chubu Electric Power Co., Inc. | 57,400 | 740,635 | ||||||
Chugoku Electric Power Co., Inc. | 13,000 | 93,050 | ||||||
Daiwa Securities Group, Inc. | 10,500 | 70,373 | ||||||
East Japan Railway Co. | 3,900 | 224,359 | ||||||
Electric Power Development Co. Ltd. | 9,100 | 148,730 | ||||||
Ezaki Glico Co. Ltd. | 3,100 | 91,683 | ||||||
Hachijuni Bank Ltd. | 35,800 | 199,057 | ||||||
Honda Motor Co. Ltd. | 36,400 | 376,265 | ||||||
Japan Post Bank Co. Ltd. | 34,600 | 352,219 | ||||||
Japan Post Holdings Co. Ltd. | 68,300 | 609,541 | ||||||
Japan Real Estate Investment Corp. REIT | 70 | 289,560 | ||||||
Japan Tobacco, Inc. | 4,600 | 118,739 | ||||||
KDDI Corp. | 6,300 | 200,013 | ||||||
Kyoto Financial Group, Inc. | 10,000 | 155,600 | ||||||
Kyushu Railway Co. | 9,400 | 206,913 | ||||||
Lawson, Inc. | 8,100 | 418,055 | ||||||
Mazda Motor Corp. | 12,600 | 133,652 | ||||||
Mebuki Financial Group, Inc. | 28,500 | 86,448 | ||||||
Mitsubishi Motors Corp. | 31,300 | 99,197 | ||||||
Mizuho Financial Group, Inc. | 34,000 | 581,510 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,900 | 231,545 | ||||||
Nagoya Railroad Co. Ltd. | 5,400 | 86,486 | ||||||
Nintendo Co. Ltd. ADR | 23,211 | 301,511 | ||||||
Nisshinbo Holdings, Inc. | 31,700 | 256,894 | ||||||
Ono Pharmaceutical Co. Ltd. | 40,900 | 730,531 | ||||||
Osaka Gas Co. Ltd. | 19,800 | 413,262 | ||||||
Otsuka Holdings Co. Ltd. | 30,600 | 1,145,282 | ||||||
Rengo Co. Ltd. | 12,500 | 83,214 | ||||||
Sega Sammy Holdings, Inc. | 12,700 | 177,107 | ||||||
Seven & i Holdings Co. Ltd. | 2,100 | 83,171 | ||||||
Shimano, Inc. ADR | 10,721 | 165,318 | ||||||
Shizuoka Financial Group, Inc. | 20,000 | 169,197 | ||||||
SoftBank Corp. | 33,500 | 417,504 |
The accompanying notes are an integral part of these financial statements.
28 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Sompo Holdings, Inc. | 4,100 | $ | 200,204 | |||||
Subaru Corp. | 12,000 | 218,985 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,500 | 73,065 | ||||||
Toho Co. Ltd. | 2,500 | 84,410 | ||||||
Tokyo Gas Co. Ltd. | 21,100 | 483,703 | ||||||
Tokyu Fudosan Holdings Corp. | 45,800 | 291,527 | ||||||
Toyota Motor Corp. | 7,000 | 128,497 | ||||||
Yamaguchi Financial Group, Inc. | 11,300 | 100,985 | ||||||
11,270,309 | ||||||||
Netherlands | 0.6% | ||||||||
ASM International NV | 564 | 292,829 | ||||||
Eurocommercial Properties NV REIT | 9,469 | 233,113 | ||||||
EXOR NV | 1,110 | 111,278 | ||||||
Koninklijke Ahold Delhaize NV | 2,914 | 83,668 | ||||||
Koninklijke KPN NV | 23,153 | 79,705 | ||||||
NN Group NV | 2,600 | 102,857 | ||||||
Wolters Kluwer NV ADR | 4,209 | 599,808 | ||||||
1,503,258 | ||||||||
New Zealand | 0.1% | ||||||||
Spark New Zealand Ltd. | 63,290 | 207,315 | ||||||
Norway | 0.0% | ||||||||
Orkla ASA | 12,445 | 96,488 | ||||||
Singapore | 0.4% | ||||||||
Jardine Cycle & Carriage Ltd. | 7,800 | 175,372 | ||||||
Sembcorp Industries Ltd. | 103,500 | 415,491 | ||||||
Singapore Airlines Ltd. | 25,400 | 125,882 | ||||||
STMicroelectronics NV | 7,160 | 359,263 | ||||||
1,076,008 | ||||||||
Spain | 0.3% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 35,326 | 321,867 | ||||||
Banco Santander SA | 23,784 | 99,285 | ||||||
Iberdrola SA | 6,261 | 81,882 | ||||||
Industria de Diseno Textil SA ADR | 13,895 | 304,162 | ||||||
807,196 |
The accompanying notes are an integral part of these financial statements.
Annual Report 29
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Sweden | 0.5% | ||||||||
Assa Abloy AB ADR | 16,211 | $ | 233,114 | |||||
Epiroc AB ADR | 22,800 | 457,482 | ||||||
Fastighets AB Balder, B Shares (*) | 35,898 | 256,378 | ||||||
Hexagon AB ADR | 29,358 | 352,883 | ||||||
1,299,857 | ||||||||
Switzerland | 0.7% | ||||||||
ABB Ltd. ADR | 10,951 | 485,130 | ||||||
Novartis AG | 3,116 | 314,621 | ||||||
Swatch Group AG ADR | 22,618 | 306,700 | ||||||
Swisscom AG | 561 | 337,586 | ||||||
UBS Group AG | 4,544 | 141,131 | ||||||
1,585,168 | ||||||||
United Kingdom | 1.7% | ||||||||
AstraZeneca PLC | 2,348 | 316,237 | ||||||
BAE Systems PLC | 18,951 | 268,117 | ||||||
Barclays PLC | 64,859 | 126,331 | ||||||
Centrica PLC | 53,392 | 95,529 | ||||||
Coca-Cola Europacific Partners PLC | 5,216 | 348,116 | ||||||
Diageo PLC ADR | 2,532 | 368,811 | ||||||
Global Ship Lease, Inc., Class A | 5,782 | 114,599 | ||||||
HSBC Holdings PLC | 43,740 | 353,292 | ||||||
IG Group Holdings PLC | 10,464 | 101,936 | ||||||
Investec PLC | 29,336 | 198,042 | ||||||
Man Group PLC | 38,847 | 114,879 | ||||||
RELX PLC | 5,243 | 207,939 | ||||||
RELX PLC ADR | 16,196 | 642,333 | ||||||
Serco Group PLC | 36,313 | 74,766 | ||||||
Standard Chartered PLC | 23,126 | 195,622 | ||||||
Unilever PLC | 5,325 | 257,644 | ||||||
Unilever PLC ADR | 8,907 | 431,811 | ||||||
Vodafone Group PLC | 86,871 | 75,463 | ||||||
4,291,467 |
The accompanying notes are an integral part of these financial statements.
30 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
United States | 39.4% | ||||||||
AbbVie, Inc. | 5,558 | $ | 861,323 | |||||
Accenture PLC, Class A | 2,211 | 775,862 | ||||||
Adobe, Inc. (*) | 2,793 | 1,666,304 | ||||||
AES Corp. | 7,207 | 138,735 | ||||||
Agree Realty Corp. REIT | 6,018 | 378,833 | ||||||
Allison Transmission Holdings, Inc. | 4,994 | 290,401 | ||||||
Alnylam Pharmaceuticals, Inc. (*) | 446 | 85,369 | ||||||
Alphabet, Inc., Class A (*) | 7,183 | 1,003,393 | ||||||
Alphabet, Inc., Class C (*) | 18,680 | 2,632,572 | ||||||
Altria Group, Inc. | 7,395 | 298,314 | ||||||
Amazon.com, Inc. (*) | 9,798 | 1,488,708 | ||||||
Amdocs Ltd. | 3,287 | 288,894 | ||||||
Ameren Corp. | 2,913 | 210,726 | ||||||
American Homes 4 Rent, Class A REIT | 2,338 | 84,074 | ||||||
American International Group, Inc. | 1,015 | 68,766 | ||||||
AMN Healthcare Services, Inc. (*) | 1,633 | 122,279 | ||||||
Amphenol Corp., Class A | 5,308 | 526,182 | ||||||
Aon PLC, Class A | 2,584 | 751,996 | ||||||
Apple, Inc. | 26,259 | 5,055,645 | ||||||
Applied Materials, Inc. | 1,323 | 214,419 | ||||||
AptarGroup, Inc. | 1,156 | 142,905 | ||||||
Arcosa, Inc. | 1,118 | 92,392 | ||||||
Assurant, Inc. | 882 | 148,608 | ||||||
AT&T, Inc. | 8,056 | 135,180 | ||||||
Atmos Energy Corp. | 2,383 | 276,190 | ||||||
Autodesk, Inc. (*) | 3,024 | 736,284 | ||||||
Automatic Data Processing, Inc. | 600 | 139,782 | ||||||
Avery Dennison Corp. | 1,145 | 231,473 | ||||||
Axos Financial, Inc. (*) | 6,335 | 345,891 | ||||||
Bank of America Corp. | 9,241 | 311,144 | ||||||
Biogen, Inc. (*) | 546 | 141,288 | ||||||
Booking Holdings, Inc. (*) | 166 | 588,839 | ||||||
Booz Allen Hamilton Holding Corp. | 4,561 | 583,398 | ||||||
BorgWarner, Inc. | 2,419 | 86,721 | ||||||
Boston Scientific Corp. (*) | 1,656 | 95,733 |
The accompanying notes are an integral part of these financial statements.
Annual Report 31
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Brady Corp., Class A | 1,494 | $ | 87,683 | |||||
Brighthouse Financial, Inc. (*) | 4,741 | 250,894 | ||||||
Bristol-Myers Squibb Co. | 15,613 | 801,103 | ||||||
Broadcom, Inc. | 1,460 | 1,629,725 | ||||||
BRP, Inc. | 3,080 | 220,805 | ||||||
Cadence Design Systems, Inc. (*) | 295 | 80,349 | ||||||
Cal-Maine Foods, Inc. | 4,156 | 238,513 | ||||||
Campbell Soup Co. | 2,015 | 87,108 | ||||||
Cardinal Health, Inc. | 8,422 | 848,938 | ||||||
Casey’s General Stores, Inc. | 357 | 98,082 | ||||||
Caterpillar, Inc. | 2,957 | 874,296 | ||||||
Cboe Global Markets, Inc. | 1,958 | 349,620 | ||||||
CDW Corp. | 2,954 | 671,503 | ||||||
Cencora, Inc. | 4,896 | 1,005,540 | ||||||
Centene Corp. (*) | 3,806 | 282,443 | ||||||
Charles Schwab Corp. | 4,957 | 341,042 | ||||||
Charter Communications, Inc., Class A (*) | 521 | 202,502 | ||||||
Chesapeake Energy Corp. | 1,318 | 101,407 | ||||||
Chipotle Mexican Grill, Inc. (*) | 168 | 384,209 | ||||||
Chubb Ltd. | 812 | 183,512 | ||||||
Cigna Group | 2,045 | 612,375 | ||||||
Cirrus Logic, Inc. (*) | 1,048 | 87,183 | ||||||
Cisco Systems, Inc. | 23,363 | 1,180,299 | ||||||
Clorox Co. | 1,405 | 200,339 | ||||||
Coca-Cola Co. | 9,318 | 549,110 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,113 | 612,775 | ||||||
Colgate-Palmolive Co. | 5,487 | 437,369 | ||||||
Comcast Corp., Class A | 7,439 | 326,200 | ||||||
Comfort Systems USA, Inc. | 529 | 108,799 | ||||||
CommVault Systems, Inc. (*) | 1,638 | 130,794 | ||||||
Concentrix Corp. | 1,081 | 106,165 | ||||||
Consolidated Edison, Inc. | 4,555 | 414,368 | ||||||
Constellation Brands, Inc., Class A | 993 | 240,058 | ||||||
Corebridge Financial, Inc. | 25,035 | 542,258 | ||||||
Coterra Energy, Inc. | 16,307 | 416,155 | ||||||
CVS Health Corp. | 11,328 | 894,459 |
The accompanying notes are an integral part of these financial statements.
32 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Danaher Corp. | 2,110 | $ | 488,127 | |||||
Darden Restaurants, Inc. | 787 | 129,304 | ||||||
Dave & Buster’s Entertainment, Inc. (*) | 3,022 | 162,735 | ||||||
DaVita, Inc. (*) | 2,055 | 215,282 | ||||||
Deckers Outdoor Corp. (*) | 139 | 92,912 | ||||||
Deere & Co. | 703 | 281,109 | ||||||
Dell Technologies, Inc., Class C | 9,868 | 754,902 | ||||||
DR Horton, Inc. | 2,059 | 312,927 | ||||||
Eaton Corp. PLC | 593 | 142,806 | ||||||
Electronic Arts, Inc. | 3,778 | 516,868 | ||||||
Elevance Health, Inc. | 684 | 322,547 | ||||||
Eli Lilly & Co. | 1,805 | 1,052,171 | ||||||
Enact Holdings, Inc. | 3,091 | 89,299 | ||||||
Entergy Corp. | 5,161 | 522,242 | ||||||
EOG Resources, Inc. | 4,840 | 585,398 | ||||||
Equinix, Inc. REIT | 74 | 59,599 | ||||||
Equitable Holdings, Inc. | 13,020 | 433,566 | ||||||
Estee Lauder Cos., Inc., Class A | 2,712 | 396,630 | ||||||
Everest Group Ltd. | 522 | 184,569 | ||||||
Expedia Group, Inc. (*) | 1,809 | 274,588 | ||||||
FedEx Corp. | 1,225 | 309,888 | ||||||
Fiserv, Inc. (*) | 5,267 | 699,668 | ||||||
Fortinet, Inc. (*) | 1,162 | 68,012 | ||||||
Freeport-McMoRan, Inc. | 2,544 | 108,298 | ||||||
General Electric Co. | 2,215 | 282,700 | ||||||
General Mills, Inc. | 4,806 | 313,063 | ||||||
General Motors Co. | 1,958 | 70,331 | ||||||
Gilead Sciences, Inc. | 7,637 | 618,673 | ||||||
Global Payments, Inc. | 4,389 | 557,403 | ||||||
Globe Life, Inc. | 4,114 | 500,756 | ||||||
GMS, Inc. (*) | 2,054 | 169,311 | ||||||
GoDaddy, Inc., Class A (*) | 2,038 | 216,354 | ||||||
GSK PLC | 23,987 | 443,071 | ||||||
Gulfport Energy Corp. (*) | 1,049 | 139,727 | ||||||
H&R Block, Inc. | 2,219 | 107,333 | ||||||
Haemonetics Corp. (*) | 941 | 80,465 |
The accompanying notes are an integral part of these financial statements.
Annual Report 33
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Hartford Financial Services Group, Inc. | 1,125 | $ | 90,427 | |||||
HCA Healthcare, Inc. | 1,888 | 511,044 | ||||||
Hershey Co. | 2,123 | 395,812 | ||||||
Hess Corp. | 747 | 107,688 | ||||||
Host Hotels & Resorts, Inc. REIT | 5,843 | 113,763 | ||||||
Humana, Inc. | 183 | 83,779 | ||||||
Huron Consulting Group, Inc. (*) | 857 | 88,100 | ||||||
Ingredion, Inc. | 791 | 85,847 | ||||||
Intel Corp. | 3,823 | 192,106 | ||||||
Intercontinental Exchange, Inc. | 4,713 | 605,291 | ||||||
International Seaways, Inc. | 2,254 | 102,512 | ||||||
Intuit, Inc. | 511 | 319,390 | ||||||
Intuitive Surgical, Inc. (*) | 208 | 70,171 | ||||||
IQVIA Holdings, Inc. (*) | 2,182 | 504,871 | ||||||
J M Smucker Co. | 942 | 119,050 | ||||||
Jackson Financial, Inc., Class A | 2,150 | 110,080 | ||||||
Johnson & Johnson | 4,449 | 697,336 | ||||||
Juniper Networks, Inc. | 3,225 | 95,073 | ||||||
Kellanova | 3,975 | 222,242 | ||||||
Kilroy Realty Corp. REIT | 1,740 | 69,322 | ||||||
Kimberly-Clark Corp. | 5,868 | 713,021 | ||||||
KLA Corp. | 623 | 362,150 | ||||||
Kroger Co. | 6,695 | 306,028 | ||||||
Lam Research Corp. | 189 | 148,036 | ||||||
Lennar Corp., Class A | 2,101 | 313,133 | ||||||
Lockheed Martin Corp. | 582 | 263,786 | ||||||
Lululemon Athletica, Inc. (*) | 344 | 175,884 | ||||||
M&T Bank Corp. | 742 | 101,713 | ||||||
M/I Homes, Inc. (*) | 970 | 133,608 | ||||||
Marathon Oil Corp. | 4,810 | 116,210 | ||||||
Marathon Petroleum Corp. | 841 | 124,771 | ||||||
Martin Marietta Materials, Inc. | 572 | 285,377 | ||||||
Masco Corp. | 5,596 | 374,820 | ||||||
MasterCard, Inc., Class A | 2,954 | 1,259,911 | ||||||
McDonald’s Corp. | 2,429 | 720,223 | ||||||
McKesson Corp. | 834 | 386,125 |
The accompanying notes are an integral part of these financial statements.
34 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Medpace Holdings, Inc. (*) | 480 | $ | 147,134 | |||||
Merck & Co., Inc. | 13,985 | 1,524,645 | ||||||
Meta Platforms, Inc., Class A (*) | 4,388 | 1,553,176 | ||||||
MetLife, Inc. | 4,021 | 265,909 | ||||||
Microchip Technology, Inc. | 731 | 65,922 | ||||||
Microsoft Corp. | 12,424 | 4,671,921 | ||||||
Molina Healthcare, Inc. (*) | 385 | 139,104 | ||||||
Moody’s Corp. | 402 | 157,005 | ||||||
Motorola Solutions, Inc. | 885 | 277,085 | ||||||
MSC Industrial Direct Co., Inc. Class A | 1,499 | 151,789 | ||||||
National Fuel Gas Co. | 3,931 | 197,218 | ||||||
Netflix, Inc. (*) | 175 | 85,204 | ||||||
Neurocrine Biosciences, Inc. (*) | 755 | 99,479 | ||||||
NewMarket Corp. | 512 | 279,465 | ||||||
Newmont Corp. CDI | 2,872 | 118,691 | ||||||
NIKE, Inc., Class B | 2,928 | 317,893 | ||||||
NiSource, Inc. | 7,041 | 186,939 | ||||||
Northrop Grumman Corp. | 202 | 94,564 | ||||||
Nucor Corp. | 433 | 75,359 | ||||||
NVIDIA Corp. | 5,209 | 2,579,601 | ||||||
NVR, Inc. (*) | 10 | 70,005 | ||||||
Oracle Corp. | 6,162 | 649,660 | ||||||
Ovintiv, Inc. | 2,731 | 119,946 | ||||||
Owens Corning | 442 | 65,518 | ||||||
PACCAR, Inc. | 953 | 93,060 | ||||||
Paychex, Inc. | 584 | 69,560 | ||||||
PepsiCo, Inc. | 2,403 | 408,126 | ||||||
Pfizer, Inc. | 2,516 | 72,436 | ||||||
PG&E Corp. | 7,698 | 138,795 | ||||||
Pinnacle West Capital Corp. | 1,298 | 93,248 | ||||||
Pioneer Natural Resources Co. | 437 | 98,273 | ||||||
PNM Resources, Inc. | 3,882 | 161,491 | ||||||
PriceSmart, Inc. | 1,515 | 114,807 | ||||||
Procter & Gamble Co. | 7,002 | 1,026,073 | ||||||
PTC, Inc. (*) | 2,319 | 405,732 | ||||||
Public Service Enterprise Group, Inc. | 1,348 | 82,430 |
The accompanying notes are an integral part of these financial statements.
Annual Report 35
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
PulteGroup, Inc. | 5,028 | $ | 518,990 | |||||
QUALCOMM, Inc. | 6,900 | 997,947 | ||||||
Qualys, Inc. (*) | 976 | 191,569 | ||||||
Regeneron Pharmaceuticals, Inc. (*) | 242 | 212,546 | ||||||
RingCentral, Inc., Class A (*) | 905 | 30,725 | ||||||
Roche Holding AG | 3,593 | 1,041,367 | ||||||
Rockwell Automation, Inc. | 1,145 | 355,500 | ||||||
Ryman Hospitality Properties, Inc. REIT | 1,589 | 174,885 | ||||||
S&P Global, Inc. | 1,281 | 564,306 | ||||||
SandRidge Energy, Inc. | 6,654 | 90,960 | ||||||
Sanofi SA | 6,079 | 602,681 | ||||||
SBA Communications Corp. REIT | 805 | 204,220 | ||||||
Sempra | 2,893 | 216,194 | ||||||
ServiceNow, Inc. (*) | 1,052 | 743,227 | ||||||
Sherwin-Williams Co. | 1,058 | 329,990 | ||||||
Simon Property Group, Inc. REIT | 3,002 | 428,205 | ||||||
Southwestern Energy Co. (*) | 13,503 | 88,445 | ||||||
Stellantis NV | 33,485 | 784,170 | ||||||
Stryker Corp. | 2,231 | 668,095 | ||||||
Super Micro Computer, Inc. (*) | 773 | 219,733 | ||||||
Synchrony Financial | 2,631 | 100,478 | ||||||
Synopsys, Inc. (*) | 2,664 | 1,371,720 | ||||||
Sysco Corp. | 2,684 | 196,281 | ||||||
Target Corp. | 2,987 | 425,409 | ||||||
Tecnoglass, Inc. | 3,049 | 139,370 | ||||||
Terex Corp. | 2,265 | 130,147 | ||||||
Tesla, Inc. (*) | 4,015 | 997,647 | ||||||
Texas Instruments, Inc. | 2,410 | 410,809 | ||||||
Texas Pacific Land Corp. | 50 | 78,623 | ||||||
Thermo Fisher Scientific, Inc. | 931 | 494,165 | ||||||
TJX Cos., Inc. | 10,186 | 955,549 | ||||||
Toll Brothers, Inc. | 3,342 | 343,524 | ||||||
TopBuild Corp. (*) | 777 | 290,800 | ||||||
Tradeweb Markets, Inc., Class A | 4,014 | 364,792 | ||||||
Trane Technologies PLC | 611 | 149,023 | ||||||
Travelers Cos., Inc. | 381 | 72,577 |
The accompanying notes are an integral part of these financial statements.
36 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
U-Haul Holding Co. (*) | 1,509 | $ | 108,346 | |||||
UMH Properties, Inc. REIT | 5,867 | 89,882 | ||||||
United Parcel Service, Inc., Class B | 642 | 100,942 | ||||||
United Therapeutics Corp. (*) | 427 | 93,893 | ||||||
UnitedHealth Group, Inc. | 1,560 | 821,293 | ||||||
Universal Health Services, Inc., Class B | 857 | 130,641 | ||||||
Unum Group | 6,020 | 272,224 | ||||||
VeriSign, Inc. (*) | 850 | 175,066 | ||||||
Verizon Communications, Inc. | 16,471 | 620,957 | ||||||
Vertex Pharmaceuticals, Inc. (*) | 1,430 | 581,853 | ||||||
Visa, Inc., A Shares | 2,211 | 575,634 | ||||||
Vistra Corp. | 8,758 | 337,358 | ||||||
W. R. Berkley Corp. | 1,231 | 87,056 | ||||||
Walmart, Inc. | 1,923 | 303,161 | ||||||
Warner Music Group Corp., Class A | 4,453 | 159,373 | ||||||
Waste Management, Inc. | 1,646 | 294,799 | ||||||
WD-40 Co. | 565 | 135,075 | ||||||
Wells Fargo & Co. | 9,440 | 464,637 | ||||||
Western Union Co. | 8,613 | 102,667 | ||||||
Westlake Corp. | 560 | 78,378 | ||||||
White Mountains Insurance Group Ltd. | 100 | 150,501 | ||||||
Williams-Sonoma, Inc. | 804 | 162,231 | ||||||
Willis Towers Watson PLC | 356 | 85,867 | ||||||
WK Kellogg Co. | 1,039 | 13,652 | ||||||
Workday, Inc., Class A (*) | 537 | 148,244 | ||||||
WP Carey, Inc. REIT | 1,529 | 99,094 | ||||||
Xcel Energy, Inc. | 3,993 | 247,207 | ||||||
Zoetis, Inc. | 2,028 | 400,266 | ||||||
Zoom Video Communications, Inc. Class A (*) | 1,138 | 81,834 | ||||||
97,232,000 | ||||||||
Total Common Stocks (Cost $112,103,524) | 138,953,514 |
The accompanying notes are an integral part of these financial statements.
Annual Report 37
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Corporate Bonds | 14.1% | ||||||||||
Australia | 0.3% | ||||||||||
Telstra Group Ltd., 4.000%, 04/19/27 | AUD | 1,200 | $ | 805,988 | ||||||
Canada | 0.5% | ||||||||||
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 1,225 | 1,143,989 | |||||||
Denmark | 0.5% | ||||||||||
Nykredit Realkredit AS, 1.000%, 01/01/27 | DKK | 8,175 | 1,154,743 | |||||||
Germany | 0.5% | ||||||||||
Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 1,260 | 1,205,602 | |||||||
Japan | 0.3% | ||||||||||
NTT Finance Corp., | ||||||||||
4.239%, 07/25/25 | USD | 200 | 197,799 | |||||||
1.162%, 04/03/26 | USD | 625 | 576,442 | |||||||
774,241 | ||||||||||
Switzerland | 0.4% | ||||||||||
ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 605 | 558,126 | |||||||
UBS Group AG, 4.750% (1-Year EURIBOR ICE Swap + 1.600%), 03/17/32 (§) | EUR | 470 | 546,232 | |||||||
1,104,358 | ||||||||||
United Kingdom | 0.9% | ||||||||||
Ashtead Capital, Inc., 4.250%, 11/01/29 | USD | 1,560 | 1,456,662 | |||||||
Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 | GBP | 785 | 883,820 | |||||||
2,340,482 |
The accompanying notes are an integral part of these financial statements.
38 Annual Report
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
United States | 10.7% | ||||||||||
Adobe, Inc., 2.300%, 02/01/30 | USD | 615 | $ | 550,918 | ||||||
Alphabet, Inc., 1.100%, 08/15/30 | USD | 955 | 791,031 | |||||||
American Express Co., 4.050%, 05/03/29 | USD | 835 | 826,462 | |||||||
Amgen, Inc., 3.000%, 02/22/29 | USD | 1,205 | 1,133,389 | |||||||
Apple, Inc., 1.125%, 05/11/25 | USD | 615 | 586,438 | |||||||
AT&T, Inc., 3.500%, 06/01/41 | USD | 1,120 | 889,370 | |||||||
Ball Corp., 4.875%, 03/15/26 | USD | 695 | 692,462 | |||||||
Bank of America Corp., 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 825 | 580,087 | |||||||
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 685 | 659,061 | |||||||
Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 635 | 622,231 | |||||||
Comcast Corp., 4.650%, 02/15/33 | USD | 825 | 829,970 | |||||||
Dell International LLC/EMC Corp., 5.300%, 10/01/29 | USD | 612 | 630,239 | |||||||
Eaton Corp., 4.150%, 11/02/42 | USD | 330 | 302,392 | |||||||
Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 960 | 775,669 | |||||||
Home Depot, Inc., 5.875%, 12/16/36 | USD | 510 | 570,049 | |||||||
John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 1,695 | 1,245,938 | |||||||
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 1,080 | 897,085 | |||||||
JPMorgan Chase & Co., 3.540% (SOFR + 1.642%), 05/01/28 (§) | USD | 1,355 | 1,293,147 | |||||||
Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 343 | 324,754 |
The accompanying notes are an integral part of these financial statements.
Annual Report 39
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 795 | $ | 811,915 | ||||||
McDonald’s Corp., 3.125%, 03/04/25 | CAD | 1,615 | 1,195,494 | |||||||
Microsoft Corp., 3.500%, 11/15/42 | USD | 1,260 | 1,094,765 | |||||||
Morgan Stanley, 3.625%, 01/20/27 | USD | 1,160 | 1,124,605 | |||||||
PepsiCo, Inc., 2.875%, 10/15/49 | USD | 740 | 543,091 | |||||||
Procter & Gamble Co., 1.200%, 10/29/30 | USD | 350 | 289,927 | |||||||
Prologis LP, 1.250%, 10/15/30 | USD | 1,405 | 1,135,138 | |||||||
Schneider Electric SE, 0.875%, 12/13/26 | EUR | 1,200 | 1,260,440 | |||||||
Starbucks Corp., 4.450%, 08/15/49 | USD | 550 | 499,263 | |||||||
Sysco Corp., 2.400%, 02/15/30 | USD | 955 | 842,387 | |||||||
Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 695 | 613,878 | |||||||
United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 820 | 800,517 | |||||||
Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 1,394 | 1,351,458 | |||||||
Waste Management, Inc., 4.625%, 02/15/30 | USD | 545 | 551,153 | |||||||
26,314,723 | ||||||||||
Total Corporate Bonds (Cost $34,803,544) | 34,844,126 | |||||||||
Foreign Government Obligations | 19.5% | ||||||||||
Australia | 0.8% | ||||||||||
New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 1,725 | 969,866 | |||||||
Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 1,830 | 1,019,469 | |||||||
1,989,335 |
The accompanying notes are an integral part of these financial statements.
40 Annual Report
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Bahamas | 0.4% | ||||||||||
Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 1,170 | $ | 1,012,416 | ||||||
Bermuda | 1.0% | ||||||||||
Bermuda Government International Bonds: | ||||||||||
3.717%, 01/25/27 | USD | 1,280 | 1,236,400 | |||||||
2.375%, 08/20/30 (#) | USD | 1,560 | 1,334,580 | |||||||
2,570,980 | ||||||||||
Canada | 1.5% | ||||||||||
British Columbia, 3.200%, 06/18/44 | CAD | 2,000 | 1,333,610 | |||||||
Quebec, 1.850%, 02/13/27 | CAD | 1,855 | 1,327,724 | |||||||
Vancouver, 2.900%, 11/20/25 | CAD | 1,440 | 1,061,963 | |||||||
3,723,297 | ||||||||||
Chile | 0.7% | ||||||||||
Bonos de la Tesoreria de la Republica en pesos, 2.500%, 03/01/25 | CLP | 505,000 | 549,516 | |||||||
Chile Government International Bonds, 0.830%, 07/02/31 | EUR | 1,260 | 1,146,304 | |||||||
1,695,820 | ||||||||||
Colombia | 0.3% | ||||||||||
Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 3,389,000 | 837,071 | |||||||
Costa Rica | 0.4% | ||||||||||
Costa Rica Government International Bonds, 6.125%, 02/19/31 | USD | 1,010 | 1,032,409 | |||||||
Croatia | 0.5% | ||||||||||
Croatia Government International Bonds, 1.750%, 03/04/41 | EUR | 1,325 | 1,104,467 |
The accompanying notes are an integral part of these financial statements.
Annual Report 41
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Czech Republic | 0.4% | ||||||||||
Czech Republic Government Bonds, 6.790% (PRIBOR 6 Month - 0.100%), 11/19/27 (§) | CZK | 20,430 | $ | 913,614 | ||||||
Denmark | 0.9% | ||||||||||
Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 17,105 | 2,144,819 | |||||||
France | 0.4% | ||||||||||
French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 1,140 | 1,094,060 | |||||||
Hungary | 0.2% | ||||||||||
Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 591 | 498,467 | |||||||
Ireland | 0.8% | ||||||||||
Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 1,975 | 2,051,235 | |||||||
Israel | 0.6% | ||||||||||
Israel Government Bonds - Fixed, 1.750%, 08/31/25 | ILS | 5,480 | 1,473,018 | |||||||
Italy | 0.5% | ||||||||||
Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35 | EUR | 1,110 | 1,251,179 | |||||||
Japan | 1.5% | ||||||||||
Japan Bank for International Cooperation, 1.625%, 01/20/27 | USD | 1,210 | 1,113,996 | |||||||
Japan Government Ten Year Bonds, 0.400%, 06/20/25 | JPY | 136,000 | 970,152 | |||||||
Japan International Cooperation Agency, 3.250%, 05/25/27 | USD | 1,694 | 1,628,256 | |||||||
3,712,404 |
The accompanying notes are an integral part of these financial statements.
42 Annual Report
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Mexico | 0.9% | ||||||||||
Mexico Bonos: | ||||||||||
8.000%, 09/05/24 | MXN | 17,440 | $ | 1,007,876 | ||||||
7.500%, 06/03/27 | MXN | 17,840 | 996,155 | |||||||
Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | 140 | 178,094 | |||||||
2,182,125 | ||||||||||
New Zealand | 1.9% | ||||||||||
Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 1,800 | 1,082,358 | |||||||
New Zealand Local Government Funding Agency Bonds: | ||||||||||
2.250%, 04/15/24 | NZD | 3,115 | 1,950,795 | |||||||
1.500%, 04/20/29 | NZD | 1,955 | 1,055,525 | |||||||
2.000%, 04/15/37 | NZD | 1,430 | 629,304 | |||||||
4,717,982 | ||||||||||
Norway | 0.3% | ||||||||||
Oslo, 2.350%, 09/04/24 | NOK | 8,000 | 774,299 | |||||||
Panama | 0.6% | ||||||||||
Panama Government International Bonds: | ||||||||||
8.875%, 09/30/27 | USD | 790 | 859,125 | |||||||
3.875%, 03/17/28 | USD | 685 | 631,484 | |||||||
1,490,609 | ||||||||||
Peru | 0.8% | ||||||||||
Peru Government Bonds, 6.150%, 08/12/32 | PEN | 4,770 | 1,256,536 | |||||||
Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 855 | 719,803 | |||||||
1,976,339 | ||||||||||
Poland | 0.3% | ||||||||||
Poland Government Bonds, 5.790% (WIBOR 6 Month), 05/25/28 (§) | PLN | 2,475 | 615,801 |
The accompanying notes are an integral part of these financial statements.
Annual Report 43
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Portugal | 0.7% | ||||||||||
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 1,680 | $ | 1,713,684 | ||||||
Singapore | 0.5% | ||||||||||
Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 1,390 | 1,112,390 | |||||||
Slovenia | 0.2% | ||||||||||
Slovenia Government Bonds, 1.500%, 03/25/35 | EUR | 570 | 528,395 | |||||||
Spain | 0.5% | ||||||||||
Spain Government Bonds, 1.000%, 07/30/42 | EUR | 1,810 | 1,336,442 | |||||||
Switzerland | 0.5% | ||||||||||
Swiss Confederation Government Bonds: | ||||||||||
1.500%, 07/24/25 | CHF | 440 | 526,153 | |||||||
0.500%, 06/27/32 | CHF | 515 | 601,585 | |||||||
1,127,738 | ||||||||||
Thailand | 0.6% | ||||||||||
Thailand Government Bonds, 1.585%, 12/17/35 | THB | 57,075 | 1,475,848 | |||||||
United Kingdom | 0.8% | ||||||||||
U.K. Gilts: | ||||||||||
0.875%, 07/31/33 | GBP | 1,530 | 1,526,631 | |||||||
1.250%, 10/22/41 | GBP | 580 | 479,878 | |||||||
2,006,509 | ||||||||||
Total Foreign Government Obligations (Cost $47,622,624) | 48,162,752 |
The accompanying notes are an integral part of these financial statements.
44 Annual Report
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Quasi Government Bonds | 1.0% | ||||||||||
Germany | 1.0% | ||||||||||
Kreditanstalt fuer Wiederaufbau: | ||||||||||
0.000%, 09/15/28 | EUR | 605 | $ | 597,367 | ||||||
1.750%, 09/14/29 | USD | 1,605 | 1,424,710 | |||||||
0.000%, 04/18/36 | USD | 865 | 517,261 | |||||||
(Cost $2,644,351) | 2,539,338 | |||||||||
Supranational Bonds | 3.3% | ||||||||||
Asian Development Bank: | ||||||||||
2.125%, 03/19/25 | USD | 296 | 287,456 | |||||||
6.200%, 10/06/26 | INR | 46,800 | 554,438 | |||||||
European Investment Bank, 1.000%, 01/28/28 | CAD | 1,475 | 1,004,284 | |||||||
European Union, 0.400%, 02/04/37 | EUR | 1,340 | 1,094,588 | |||||||
Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 10,900,000 | 696,201 | |||||||
Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 837 | 523,437 | |||||||
International Bank for Reconstruction & Development: | ||||||||||
2.900%, 11/26/25 | AUD | 1,353 | 900,327 | |||||||
1.250%, 03/16/26 | NOK | 9,710 | 905,608 | |||||||
1.125%, 09/13/28 | USD | 568 | 498,322 | |||||||
International Finance Corp.: | ||||||||||
2.125%, 04/07/26 | USD | 730 | 696,590 | |||||||
1.500%, 04/15/35 | AUD | 1,846 | 896,781 | |||||||
Total Supranational Bonds (Cost $8,602,834) | 8,058,032 | |||||||||
U.S. Municipal Bonds | 0.7% | ||||||||||
California | 0.7% | ||||||||||
California: | ||||||||||
5.875%, 10/01/41 | USD | 925 | 971,765 | |||||||
7.550%, 04/01/39 | USD | 700 | 883,826 | |||||||
(Cost $1,971,650) | 1,855,591 |
The accompanying notes are an integral part of these financial statements.
Annual Report 45
Principal | ||||||||||
Security | Amount | Fair | ||||||||
Description | Currency | (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
U.S. Treasury Securities | 2.9% | ||||||||||
U.S. Treasury Bonds: | ||||||||||
0.000%, 04/04/24 | USD | 1,190 | $ | 1,178,814 | ||||||
4.125%, 11/15/32 | USD | 465 | 472,665 | |||||||
1.750%, 08/15/41 | USD | 5,300 | 3,685,985 | |||||||
3.625%, 02/15/53 | USD | 250 | 230,859 | |||||||
U.S. Treasury Inflation-Indexed Note, 1.250%, 04/15/28 (††) | USD | 1,651 | 1,608,337 | |||||||
Total U.S. Treasury Securities (Cost $6,617,397) | 7,176,660 |
Fair | ||||||||
Description | Shares | Value | ||||||
Exchange-Traded Funds | 1.2% | ||||||||
iShares MSCI World ETF (Cost $1,803,854) | 21,406 | $ | 2,847,426 | |||||
Warrants | 0.0% | ||||||||
Canada | 0.0% | ||||||||
Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0) | 431 | 0 | ||||||
Short-Term Investments | 0.2% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $452,083) | 452,083 | 452,083 | ||||||
Total Investments | 99.2% (Cost $216,621,861) (») | $ | 244,889,522 | ||||||
Cash and Other Assets in Excess of Liabilities | 0.8% | 2,089,863 | |||||||
Net Assets | 100.0% | $ | 246,979,385 |
The accompanying notes are an integral part of these financial statements.
46 Annual Report
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at December 31, 2023:
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
AUD | 268,464 | USD | 174,600 | CIT | 01/18/24 | $ | 8,433 | $ | — | |||||||||
AUD | 249,988 | USD | 158,835 | JPM | 01/18/24 | 11,602 | — | |||||||||||
AUD | 316,646 | USD | 203,136 | JPM | 01/18/24 | 12,747 | — | |||||||||||
AUD | 574,835 | USD | 368,389 | MSC | 01/18/24 | 23,522 | — | |||||||||||
CAD | 345,891 | USD | 258,301 | CIT | 01/18/24 | 2,801 | — | |||||||||||
CAD | 434,924 | USD | 317,670 | CIT | 01/18/24 | 10,639 | — | |||||||||||
CAD | 528,958 | USD | 386,700 | HSB | 01/18/24 | 12,593 | — | |||||||||||
CAD | 279,779 | USD | 208,758 | JPM | 01/18/24 | 2,438 | — | |||||||||||
CAD | 916,424 | USD | 669,600 | MSC | 01/18/24 | 22,177 | — | |||||||||||
CAD | 6,854 | USD | 5,142 | SSB | 03/26/24 | 36 | — | |||||||||||
CHF | 65,525 | USD | 74,123 | CIT | 01/18/24 | 3,899 | — | |||||||||||
CHF | 66,712 | USD | 74,800 | HSB | 01/18/24 | 4,636 | — | |||||||||||
CNH | 7,594,133 | USD | 1,047,900 | HSB | 01/18/24 | 18,946 | — | |||||||||||
CNH | 52,318,684 | USD | 7,229,733 | HSB | 01/18/24 | 120,146 | — | |||||||||||
CNH | 4,596,344 | USD | 635,139 | JPM | 01/18/24 | 10,569 | — | |||||||||||
CZK | 1,723,724 | USD | 74,123 | CIT | 01/18/24 | 2,918 | — | |||||||||||
CZK | 4,817,134 | USD | 210,696 | CIT | 01/18/24 | 4,603 | — | |||||||||||
CZK | 5,360,805 | USD | 234,580 | CIT | 01/18/24 | 5,018 | — | |||||||||||
CZK | 9,410,819 | USD | 402,368 | CIT | 01/18/24 | 18,242 | — | |||||||||||
CZK | 2,002,068 | USD | 87,300 | JPM | 01/18/24 | 2,181 | — | |||||||||||
DKK | 518,296 | USD | 74,800 | HSB | 01/18/24 | 2,011 | — | |||||||||||
DKK | 371,400 | USD | 52,945 | JPM | 01/18/24 | 2,096 | — | |||||||||||
EUR | 1,559,871 | USD | 1,658,402 | CIT | 01/18/24 | 64,623 | — | |||||||||||
EUR | 2,296,219 | USD | 2,469,800 | CIT | 01/18/24 | 66,592 | — | |||||||||||
EUR | 9,152,544 | USD | 9,892,882 | CIT | 01/18/24 | 216,968 | — | |||||||||||
EUR | 1,490,022 | USD | 1,637,037 | HSB | 03/26/24 | 13,342 | — | |||||||||||
EUR | 785,844 | USD | 849,400 | JPM | 01/18/24 | 18,639 | — | |||||||||||
EUR | 240,642 | USD | 262,433 | MSC | 01/18/24 | 3,379 | — | |||||||||||
EUR | 330,000 | USD | 362,481 | SSB | 03/26/24 | 3,034 | — | |||||||||||
GBP | 424,210 | USD | 523,900 | HSB | 01/18/24 | 16,864 | — | |||||||||||
GBP | 463,601 | USD | 578,248 | HSB | 01/18/24 | 12,730 | — | |||||||||||
GBP | 357,060 | USD | 434,149 | JPM | 01/18/24 | 21,015 | — | |||||||||||
GBP | 766,962 | USD | 956,653 | JPM | 01/18/24 | 21,035 | — | |||||||||||
HUF | 52,451,012 | USD | 139,223 | HSB | 01/18/24 | 11,651 | — | |||||||||||
INR | 48,112,509 | USD | 574,890 | HSB | 03/27/24 | 1,591 | — |
The accompanying notes are an integral part of these financial statements.
Annual Report 47
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
JPY | 190,740,417 | USD | 1,291,858 | CIT | 01/18/24 | $ | 63,677 | $ | — | |||||||||
JPY | 220,106,513 | USD | 1,484,600 | CIT | 01/18/24 | 79,631 | — | |||||||||||
JPY | 530,032,474 | USD | 3,676,951 | CIT | 01/18/24 | 89,830 | — | |||||||||||
JPY | 1,730,466,593 | USD | 12,008,669 | HSB | 01/18/24 | 289,235 | — | |||||||||||
KRW | 1,768,493,602 | USD | 1,340,682 | JPM | 03/27/24 | 39,173 | — | |||||||||||
MXN | 1,105,699 | USD | 62,300 | HSB | 01/18/24 | 2,660 | — | |||||||||||
NOK | 345,294 | USD | 32,526 | JPM | 01/18/24 | 1,472 | — | |||||||||||
NOK | 1,950,789 | USD | 182,278 | JPM | 01/18/24 | 9,802 | — | |||||||||||
NZD | 420,750 | USD | 262,530 | HSB | 01/18/24 | 3,458 | — | |||||||||||
NZD | 974,859 | USD | 572,321 | HSB | 01/18/24 | 43,962 | — | |||||||||||
PLN | 910,693 | USD | 210,607 | HSB | 01/18/24 | 20,800 | — | |||||||||||
PLN | 921,797 | USD | 211,130 | HSB | 01/18/24 | 23,098 | — | |||||||||||
PLN | 2,164,614 | USD | 494,435 | HSB | 01/18/24 | 55,592 | — | |||||||||||
RON | 346,152 | USD | 74,800 | CIT | 01/18/24 | 2,008 | — | |||||||||||
RON | 2,661,242 | USD | 574,715 | HSB | 01/18/24 | 15,790 | — | |||||||||||
SEK | 812,916 | USD | 74,800 | HSB | 01/18/24 | 5,846 | — | |||||||||||
SEK | 5,397,818 | USD | 489,594 | HSB | 01/18/24 | 45,900 | — | |||||||||||
SEK | 693,053 | USD | 63,534 | JPM | 01/18/24 | 5,221 | — | |||||||||||
USD | 71,000 | AUD | 107,386 | HSB | 01/18/24 | — | 2,213 | |||||||||||
USD | 461,233 | AUD | 715,449 | HSB | 01/18/24 | — | 26,545 | |||||||||||
USD | 2,544,042 | AUD | 3,970,711 | JPM | 01/18/24 | — | 163,108 | |||||||||||
USD | 122,360 | AUD | 193,278 | MSC | 01/18/24 | — | 9,413 | |||||||||||
USD | 1,063,649 | AUD | 1,659,722 | MSC | 01/18/24 | — | 67,915 | |||||||||||
USD | 838,365 | CAD | 1,141,962 | CIT | 01/18/24 | — | 23,663 | |||||||||||
USD | 138,000 | CAD | 187,530 | HSB | 01/18/24 | — | 3,560 | |||||||||||
USD | 296,420 | CAD | 405,285 | HSB | 01/18/24 | — | 9,516 | |||||||||||
USD | 330,000 | CAD | 447,751 | JPM | 01/18/24 | — | 7,992 | |||||||||||
USD | 867,284 | CAD | 1,194,020 | JPM | 01/18/24 | — | 34,041 | |||||||||||
USD | 2,881,608 | CAD | 3,929,709 | JPM | 01/18/24 | — | 84,795 | |||||||||||
USD | 1,063,869 | CAD | 1,448,846 | MSC | 01/18/24 | — | 29,815 | |||||||||||
USD | 90,103 | CHF | 79,200 | CIT | 01/18/24 | — | 4,202 | |||||||||||
USD | 120,520 | CHF | 107,501 | HSB | 01/18/24 | — | 7,484 | |||||||||||
USD | 294,107 | CHF | 258,338 | HSB | 01/18/24 | — | 13,502 | |||||||||||
USD | 399,000 | CNH | 2,852,368 | HSB | 01/18/24 | — | 1,709 | |||||||||||
USD | 190,000 | COP | 775,200,000 | HSB | 01/18/24 | — | 9,434 |
The accompanying notes are an integral part of these financial statements.
48 Annual Report
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
USD | 549,278 | COP | 2,224,575,827 | HSB | 01/18/24 | $ | — | $ | 23,033 | |||||||||
USD | 108,938 | CZK | 2,510,694 | CIT | 01/18/24 | — | 3,276 | |||||||||||
USD | 793,416 | CZK | 18,131,739 | CIT | 01/18/24 | — | 16,971 | |||||||||||
USD | 303,056 | CZK | 6,919,424 | HSB | 01/18/24 | — | 6,203 | |||||||||||
USD | 43,961 | DKK | 303,790 | CIT | 01/18/24 | — | 1,061 | |||||||||||
USD | 2,097,209 | DKK | 14,492,029 | HSB | 01/18/24 | — | 50,510 | |||||||||||
USD | 280,664 | DKK | 1,902,977 | HSB | 03/26/24 | — | 2,344 | |||||||||||
USD | 96,551 | DKK | 667,246 | JPM | 01/18/24 | — | 2,335 | |||||||||||
USD | 357,375 | DKK | 2,483,915 | JPM | 01/18/24 | — | 10,741 | |||||||||||
USD | 209,348 | EUR | 197,038 | CIT | 01/18/24 | — | 8,299 | |||||||||||
USD | 1,023,000 | EUR | 946,078 | CIT | 01/18/24 | — | 22,033 | |||||||||||
USD | 4,212,723 | EUR | 3,897,462 | CIT | 01/18/24 | — | 92,392 | |||||||||||
USD | 415,727 | EUR | 392,622 | JPM | 01/18/24 | — | 17,961 | |||||||||||
USD | 1,556,051 | EUR | 1,451,271 | JPM | 01/18/24 | — | 47,014 | |||||||||||
USD | 536,043 | EUR | 492,460 | MSC | 01/18/24 | — | 7,926 | |||||||||||
USD | 204,000 | GBP | 161,990 | CIT | 01/18/24 | — | 2,497 | |||||||||||
USD | 312,941 | GBP | 254,699 | CIT | 01/18/24 | — | 11,737 | |||||||||||
USD | 160,479 | GBP | 126,904 | HSB | 03/26/24 | — | 1,344 | |||||||||||
USD | 99,825 | GBP | 82,131 | JPM | 01/18/24 | — | 4,872 | |||||||||||
USD | 518,514 | GBP | 415,700 | JPM | 01/18/24 | — | 11,401 | |||||||||||
USD | 370,571 | IDR | 5,881,337,754 | JPM | 03/27/24 | — | 11,043 | |||||||||||
USD | 431,004 | ILS | 1,578,883 | CIT | 03/27/24 | — | 6,215 | |||||||||||
USD | 512,753 | ILS | 1,850,400 | HSB | 03/27/24 | 347 | — | |||||||||||
USD | 510,114 | ILS | 1,854,739 | JPM | 03/27/24 | — | 3,493 | |||||||||||
USD | 127,000 | INR | 10,623,550 | HSB | 03/27/24 | — | 291 | |||||||||||
USD | 528,000 | JPY | 75,430,301 | CIT | 01/18/24 | — | 8,060 | |||||||||||
USD | 1,540,127 | JPY | 222,009,347 | CIT | 01/18/24 | — | 37,626 | |||||||||||
USD | 527,651 | JPY | 74,765,236 | CIT | 03/26/24 | — | 9,356 | |||||||||||
USD | 101,348 | JPY | 15,114,542 | HSB | 01/18/24 | — | 6,066 | |||||||||||
USD | 341,267 | JPY | 50,397,349 | HSB | 01/18/24 | — | 16,891 | |||||||||||
USD | 790,000 | JPY | 117,085,354 | HSB | 01/18/24 | — | 42,090 | |||||||||||
USD | 4,581,785 | JPY | 660,241,858 | HSB | 01/18/24 | — | 110,355 | |||||||||||
USD | 1,782,625 | JPY | 252,433,934 | HSB | 03/26/24 | — | 30,502 | |||||||||||
USD | 1,579,667 | JPY | 223,840,641 | SSB | 03/26/24 | — | 28,087 | |||||||||||
USD | 188,048 | MXN | 3,336,024 | CIT | 01/18/24 | — | 7,944 |
The accompanying notes are an integral part of these financial statements.
Annual Report 49
Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
USD | 99,614 | MXN | 1,766,850 | HSB | 01/18/24 | $ | — | $ | 4,188 | |||||||||
USD | 219,953 | MXN | 3,891,752 | HSB | 01/18/24 | — | 8,688 | |||||||||||
USD | 869,052 | MXN | 15,422,119 | JPM | 01/18/24 | — | 37,000 | |||||||||||
USD | 58,951 | MXN | 1,045,648 | MSC | 01/18/24 | — | 2,481 | |||||||||||
USD | 88,101 | NOK | 983,079 | HSB | 01/18/24 | — | 8,696 | |||||||||||
USD | 1,617,986 | NOK | 17,176,261 | JPM | 01/18/24 | — | 73,241 | |||||||||||
USD | 442,841 | NZD | 754,392 | CIT | 01/18/24 | — | 34,068 | |||||||||||
USD | 516,867 | NZD | 871,272 | CIT | 01/18/24 | — | 33,931 | |||||||||||
USD | 3,774,965 | NZD | 6,430,058 | HSB | 01/18/24 | — | 289,969 | |||||||||||
USD | 575,016 | PEN | 2,149,984 | CIT | 03/27/24 | — | 4,652 | |||||||||||
USD | 513,504 | PEN | 1,916,395 | HSB | 03/27/24 | — | 3,185 | |||||||||||
USD | 68,765 | PLN | 285,886 | HSB | 01/18/24 | — | 3,879 | |||||||||||
USD | 1,181,841 | PLN | 5,110,437 | HSB | 01/18/24 | — | 116,719 | |||||||||||
USD | 11,610 | RON | 53,761 | HSB | 01/18/24 | — | 319 | |||||||||||
USD | 14,120 | SEK | 155,678 | HSB | 01/18/24 | — | 1,324 | |||||||||||
USD | 121,270 | SGD | 163,936 | CIT | 01/18/24 | — | 3,034 | |||||||||||
USD | 560,110 | SGD | 753,534 | JPM | 01/18/24 | — | 11,256 | |||||||||||
USD | 967,331 | THB | 34,045,202 | HSB | 01/18/24 | — | 31,386 | |||||||||||
Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 1,571,218 | $ | 1,828,892 |
The accompanying notes are an integral part of these financial statements.
50 Annual Report
The accompanying notes are an integral part of these financial statements.
Annual Report 51
Description | Shares | Fair Value | ||||||
Lazard Retirement International Equity Portfolio (continued) | ||||||||
Germany | 10.8% | ||||||||
Continental AG | 23,234 | $ | 1,976,060 | |||||
Covestro AG (*) | 21,209 | 1,233,609 | ||||||
Merck KGaA | 12,044 | 1,915,691 | ||||||
MTU Aero Engines AG | 5,143 | 1,108,483 | ||||||
Rheinmetall AG | 4,806 | 1,523,513 | ||||||
SAP SE | 11,695 | 1,798,989 | ||||||
Siemens Healthineers AG | 28,599 | 1,661,908 | ||||||
Vonovia SE | 36,642 | 1,154,630 | ||||||
12,372,883 | ||||||||
Greece | 0.9% | ||||||||
National Bank of Greece SA (*) | 144,948 | 1,005,852 | ||||||
Hong Kong | 1.0% | ||||||||
AIA Group Ltd. | 138,200 | 1,200,323 | ||||||
Ireland | 2.0% | ||||||||
Ryanair Holdings PLC ADR (*) | 16,911 | 2,255,251 | ||||||
Israel | 0.3% | ||||||||
Wix.com Ltd. (*) | 2,757 | 339,166 | ||||||
Italy | 0.8% | ||||||||
UniCredit SpA | 36,003 | 976,680 | ||||||
Japan | 17.3% | ||||||||
Asics Corp. | 34,600 | 1,079,319 | ||||||
Bandai Namco Holdings, Inc. | 45,600 | 911,619 | ||||||
BayCurrent Consulting, Inc. | 31,700 | 1,108,149 | ||||||
Daikin Industries Ltd. | 9,600 | 1,559,421 | ||||||
Disco Corp. | 5,300 | 1,304,209 | ||||||
FANUC Corp. | 40,600 | 1,194,356 | ||||||
Hitachi Ltd. | 18,900 | 1,365,930 | ||||||
Kokusai Electric Corp. | 43,300 | 938,145 | ||||||
MatsukiyoCocokara & Co. | 118,800 | 2,099,763 | ||||||
Nippon Sanso Holdings Corp. | 37,000 | 986,682 | ||||||
Nitori Holdings Co. Ltd. | 8,800 | 1,175,644 | ||||||
Recruit Holdings Co. Ltd. | 26,800 | 1,144,181 | ||||||
Renesas Electronics Corp. (*) | 79,424 | 1,425,423 | ||||||
Shimadzu Corp. | 31,500 | 877,769 |
The accompanying notes are an integral part of these financial statements.
52 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement International Equity Portfolio (continued) | ||||||||
Suzuki Motor Corp. | 38,000 | $ | 1,635,700 | |||||
ZOZO, Inc. | 42,200 | 948,199 | ||||||
19,754,509 | ||||||||
Mexico | 1.1% | ||||||||
Arca Continental SAB de CV | 120,600 | 1,316,792 | ||||||
Netherlands | 4.0% | ||||||||
Akzo Nobel NV | 17,883 | 1,477,594 | ||||||
ING Groep NV | 117,723 | 1,762,336 | ||||||
Universal Music Group NV | 46,863 | 1,338,227 | ||||||
4,578,157 | ||||||||
Singapore | 1.1% | ||||||||
DBS Group Holdings Ltd. | 49,860 | 1,259,700 | ||||||
South Korea | 1.4% | ||||||||
Samsung Electronics Co. Ltd. | 25,750 | 1,566,113 | ||||||
Spain | 1.4% | ||||||||
Industria de Diseno Textil SA | 36,018 | 1,570,976 | ||||||
Sweden | 1.7% | ||||||||
Sandvik AB | 89,774 | 1,943,048 | ||||||
Switzerland | 2.5% | ||||||||
ABB Ltd. | 40,283 | 1,790,140 | ||||||
DSM-Firmenich AG | 10,171 | 1,035,575 | ||||||
2,825,715 | ||||||||
Taiwan | 1.5% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 16,186 | 1,683,344 | ||||||
United Kingdom | 16.0% | ||||||||
3i Group PLC | 84,482 | 2,600,549 | ||||||
AstraZeneca PLC | 9,202 | 1,239,356 | ||||||
BP PLC | 345,131 | 2,039,558 | ||||||
Coca-Cola Europacific Partners PLC | 24,930 | 1,658,392 | ||||||
Compass Group PLC | 64,750 | 1,769,288 | ||||||
London Stock Exchange Group PLC | 10,141 | 1,198,806 | ||||||
Reckitt Benckiser Group PLC | 13,388 | 923,634 |
The accompanying notes are an integral part of these financial statements.
Annual Report 53
Description | Shares | Fair Value | ||||||
Lazard Retirement International Equity Portfolio (concluded) | ||||||||
RELX PLC | 95,073 | $ | 3,770,623 | |||||
Unilever PLC | 48,426 | 2,343,039 | ||||||
WPP PLC | 85,905 | 816,615 | ||||||
18,359,860 | ||||||||
United States | 7.3% | ||||||||
Aon PLC, Class A | 6,560 | 1,909,091 | ||||||
Experian PLC | 30,577 | 1,246,067 | ||||||
ICON PLC (*) | 8,009 | 2,267,108 | ||||||
Roche Holding AG | 10,110 | 2,930,203 | ||||||
8,352,469 | ||||||||
Total Common Stocks (Cost $96,968,360) | 107,699,839 | |||||||
Preferred Stocks | 2.5% | ||||||||
Brazil | 1.2% | ||||||||
Itau Unibanco Holding SA | 205,400 | 1,428,255 | ||||||
Germany | 1.3% | ||||||||
Henkel AG & Co. KGaA | 17,903 | 1,439,972 | ||||||
Total Preferred Stocks (Cost $2,452,293) | 2,868,227 | |||||||
Short-Term Investments | 3.1% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $3,576,370) | 3,576,370 | 3,576,370 | ||||||
Total Investments | 99.7% (Cost $102,997,023) | $ | 114,144,436 | ||||||
Cash and Other Assets in Excess of Liabilities | 0.3% | 350,774 | |||||||
Net Assets | 100.0% | $ | 114,495,210 |
The accompanying notes are an integral part of these financial statements.
54 Annual Report
The accompanying notes are an integral part of these financial statements.
Annual Report 55
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small Cap Equity Select Portfolio (continued) | ||||||||
Commercial Services & Supplies | 1.0% | ||||||||
Vestis Corp. | 18,877 | $ | 399,060 | |||||
Communications Equipment | 2.0% | ||||||||
Ciena Corp. (*) | 11,385 | 512,439 | ||||||
F5, Inc. (*) | 1,856 | 332,187 | ||||||
844,626 | ||||||||
Construction Materials | 0.9% | ||||||||
Eagle Materials, Inc. | 1,748 | 354,564 | ||||||
Consumer Staples Distribution & Retail | 2.8% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (*) | 6,554 | 436,890 | ||||||
Chefs’ Warehouse Inc. (*) | 9,906 | 291,533 | ||||||
U.S. Foods Holding Corp. (*) | 9,317 | 423,085 | ||||||
1,151,508 | ||||||||
Containers & Packaging | 2.8% | ||||||||
Avery Dennison Corp. | 2,698 | 545,427 | ||||||
Graphic Packaging Holding Co. | 24,898 | 613,736 | ||||||
1,159,163 | ||||||||
Electrical Equipment | 2.4% | ||||||||
Array Technologies, Inc. (*) | 20,726 | 348,197 | ||||||
EnerSys | 6,431 | 649,273 | ||||||
997,470 | ||||||||
Electronic Equipment, Instruments & Components | 1.3% | ||||||||
Cognex Corp. | 12,540 | 523,420 | ||||||
Energy Equipment & Services | 2.7% | ||||||||
Cactus, Inc., Class A | 14,354 | 651,672 | ||||||
Liberty Energy, Inc. | 26,402 | 478,932 | ||||||
1,130,604 |
The accompanying notes are an integral part of these financial statements.
56 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small Cap Equity Select Portfolio (continued) | ||||||||
Entertainment | 1.3% | ||||||||
Take-Two Interactive Software, Inc. (*) | 3,287 | $ | 529,043 | |||||
Gas Utilities | 2.0% | ||||||||
New Jersey Resources Corp. | 18,229 | 812,649 | ||||||
Health Care Equipment & Supplies | 5.4% | ||||||||
Enovis Corp. (*) | 7,837 | 439,029 | ||||||
Envista Holdings Corp. (*) | 22,140 | 532,688 | ||||||
Lantheus Holdings, Inc. (*) | 10,330 | 640,460 | ||||||
QuidelOrtho Corp. (*) | 8,618 | 635,147 | ||||||
2,247,324 | ||||||||
Health Care Providers & Services | 1.5% | ||||||||
Henry Schein, Inc. (*) | 8,208 | 621,428 | ||||||
Health Care Technology | 1.1% | ||||||||
Phreesia, Inc. (*) | 19,529 | 452,096 | ||||||
Hotel & Resort REITs | 1.1% | ||||||||
Summit Hotel Properties, Inc. | 66,359 | 445,932 | ||||||
Hotels, Restaurants & Leisure | 3.1% | ||||||||
Brinker International, Inc. (*) | 12,417 | 536,166 | ||||||
Kura Sushi USA, Inc., Class A (*) | 2,960 | 224,960 | ||||||
Wyndham Hotels & Resorts, Inc. | 6,618 | 532,153 | ||||||
1,293,279 | ||||||||
Household Durables | 1.6% | ||||||||
Helen of Troy Ltd. (*) | 5,664 | 684,268 | ||||||
Insurance | 3.7% | ||||||||
Globe Life, Inc. | 3,982 | 484,689 | ||||||
Hanover Insurance Group, Inc. | 3,523 | 427,763 | ||||||
Reinsurance Group of America, Inc. | 3,989 | 645,340 | ||||||
1,557,792 |
The accompanying notes are an integral part of these financial statements.
Annual Report 57
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small Cap Equity Select Portfolio (continued) | ||||||||
Interactive Media & Services | 3.9% | ||||||||
Cars.com, Inc. (*) | 31,882 | $ | 604,802 | |||||
Ziff Davis, Inc. (*) | 9,061 | 608,809 | ||||||
ZoomInfo Technologies, Inc. (*) | 22,854 | 422,570 | ||||||
1,636,181 | ||||||||
IT Services | 1.3% | ||||||||
Squarespace, Inc., Class A (*) | 16,205 | 534,927 | ||||||
Leisure Products | 1.3% | ||||||||
Brunswick Corp. | 5,514 | 533,479 | ||||||
Life Sciences Tools & Services | 4.1% | ||||||||
AbCellera Biologics, Inc. (*) | 76,884 | 439,008 | ||||||
Charles River Laboratories International, Inc. (*) | 2,597 | 613,931 | ||||||
ICON PLC (*) | 1,326 | 375,351 | ||||||
Stevanato Group SpA | 10,464 | 285,562 | ||||||
1,713,852 | ||||||||
Machinery | 5.0% | ||||||||
Columbus McKinnon Corp. | 13,389 | 522,439 | ||||||
Gates Industrial Corp. PLC (*) | 35,828 | 480,812 | ||||||
Middleby Corp. (*) | 5,218 | 767,933 | ||||||
Nordson Corp. | 1,160 | 306,425 | ||||||
2,077,609 | ||||||||
Oil, Gas & Consumable Fuels | 3.5% | ||||||||
Antero Resources Corp. (*) | 34,147 | 774,454 | ||||||
Magnolia Oil & Gas Corp., Class A | 32,715 | 696,502 | ||||||
1,470,956 | ||||||||
Professional Services | 3.9% | ||||||||
Jacobs Solutions, Inc. | 4,327 | 561,645 | ||||||
Leidos Holdings, Inc. | 3,555 | 384,793 | ||||||
Sterling Check Corp. (*) | 49,289 | 686,103 | ||||||
1,632,541 |
The accompanying notes are an integral part of these financial statements.
58 Annual Report
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small Cap Equity Select Portfolio (continued) | ||||||||
Residential REITs | 1.4% | ||||||||
Camden Property Trust | 5,894 | $ | 585,215 | |||||
Retail REITs | 1.6% | ||||||||
Brixmor Property Group, Inc. | 28,824 | 670,734 | ||||||
Semiconductors & Semiconductor Equipment | 2.7% | ||||||||
Allegro MicroSystems, Inc. (*) | 10,170 | 307,846 | ||||||
MKS Instruments, Inc. | 5,035 | 517,950 | ||||||
Onto Innovation, Inc. (*) | 1,981 | 302,895 | ||||||
1,128,691 | ||||||||
Software | 6.1% | ||||||||
CyberArk Software Ltd. (*) | 1,623 | 355,518 | ||||||
Dolby Laboratories, Inc., Class A | 5,745 | 495,104 | ||||||
Dynatrace, Inc. (*) | 6,957 | 380,478 | ||||||
N-able, Inc. (*) | 37,774 | 500,506 | ||||||
PTC, Inc. (*) | 2,413 | 422,179 | ||||||
Tyler Technologies, Inc. (*) | 910 | 380,489 | ||||||
2,534,274 | ||||||||
Specialized REITs | 1.4% | ||||||||
CubeSmart | 12,554 | 581,878 | ||||||
Specialty Retail | 3.2% | ||||||||
Five Below, Inc. (*) | 2,664 | 567,858 | ||||||
RH (*) | 939 | 273,700 | ||||||
Warby Parker, Inc., Class A (*) | 35,828 | 505,175 | ||||||
1,346,733 | ||||||||
Textiles, Apparel & Luxury Goods | 1.2% | ||||||||
Steven Madden Ltd. | 11,603 | 487,326 | ||||||
Total Common Stocks (Cost $37,357,035) | 40,992,662 |
The accompanying notes are an integral part of these financial statements.
Annual Report 59
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small Cap Equity Select Portfolio (concluded) | ||||||||
Short-Term Investments | 1.6% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $678,038) | 678,038 | $ | 678,038 | |||||
Total Investments | 100.1% (Cost $38,035,073) | $ | 41,670,700 | ||||||
Liabilities in Excess of Cash and Other Assets | (0.1)% | (27,347 | ) | ||||||
Net Assets | 100.0% | $ | 41,643,353 |
The accompanying notes are an integral part of these financial statements.
60 Annual Report
Lazard Retirement Series, Inc. Notes to Portfolios of Investments
December 31, 2023
(*) | Non-income producing security. |
(¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 8 in the Notes to Financial Statements. |
(§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in designated base rate. The rates shown are those in effect on December 31, 2023. |
(#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2023, these securities amounted to 0.5% of net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio. |
(††) | A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation. |
(») | The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
Security Abbreviations:
ADR | — American Depositary Receipt | |||
CDOR | — Canadian Dollar Offered Rate | |||
EURIBOR | — Euro Interbank Offered Rate | |||
GDR | — Global Depositary Receipt | |||
ICE | — Intercontinental Exchange | |||
PJSC | — Public Joint Stock Company | |||
PRIBOR | — Prague Interbank Offered Rate | |||
REIT | — Real Estate Investment Trust | |||
SOFR | — Secured Overnight Financing Rate | |||
WIBOR | — Warsaw Interbank Offered Rate | |||
Currency Abbreviations: |
AUD | — Australian Dollar | INR | — Indian Rupee | |
CAD | — Canadian Dollar | JPY | — Japanese Yen | |
CHF | — Swiss Franc | KRW | — South Korean Won | |
CLP | — Chilean Peso | MXN | — Mexican New Peso | |
CNH | — Chinese Yuan Renminbi | NOK | — Norwegian Krone | |
COP | — Colombian Peso | NZD | — New Zealand Dollar | |
CZK | — Czech Koruna | PEN | — Peruvian Nuevo Sol | |
DKK | — Danish Krone | PLN | — Polish Zloty | |
EUR | — Euro | RON | — New Romanian Leu | |
GBP | — British Pound Sterling | SEK | — Swedish Krone | |
HUF | — Hungarian Forint | SGD | — Singapore Dollar | |
IDR | — Indonesian Rupiah | THB | — Thai Baht | |
ILS | — Israeli Shekel | USD | — United States Dollar | |
Counterparty Abbreviations: | ||||
CIT | — Citibank N.A. | |||
HSB | — HSBC Bank USA N.A. | |||
JPM | — JPMorgan Chase Bank N.A. | |||
MSC | — Morgan Stanley & Co. | |||
SSB | — State Street Bank & Trust Co. |
The accompanying notes are an integral part of these financial statements.
Annual Report 61
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
Industry† | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio | Lazard Retirement International Equity Portfolio | ||||||||||
Common & Preferred Stocks, and Corporate & Quasi Government Bonds | |||||||||||||
Aerospace & Defense | — | % | 0.3 | % | 5.1 | % | |||||||
Air Freight & Logistics | — | 0.2 | — | ||||||||||
Automobile Components | 2.0 | 0.1 | 1.7 | ||||||||||
Automobiles | 0.8 | 2.2 | 1.4 | ||||||||||
Banks | 21.1 | 6.0 | 7.4 | ||||||||||
Beverages | — | 1.2 | 4.8 | ||||||||||
Biotechnology | — | 1.5 | — | ||||||||||
Broadline Retail | 1.5 | 1.0 | 1.1 | ||||||||||
Building Products | — | 0.7 | 1.4 | ||||||||||
Capital Markets | — | 2.1 | 3.3 | ||||||||||
Chemicals | 1.2 | 0.3 | 5.5 | ||||||||||
Commercial Services & Suppliers | — | 1.6 | — | ||||||||||
Communications Equipment | — | 0.6 | — | ||||||||||
Construction & Engineering | — | 0.2 | — | ||||||||||
Construction Materials | 1.0 | 0.1 | — | ||||||||||
Consumer Finance | — | 0.4 | — | ||||||||||
Consumer Staples Distribution & Retail | — | 2.0 | 1.8 | ||||||||||
Containers & Packaging | — | 0.5 | — | ||||||||||
Diversified REITs | — | 0.5 | — | ||||||||||
Diversified Telecommunication Services | 3.9 | 2.5 | 1.4 | ||||||||||
Electric Utilities | — | 0.9 | 1.1 | ||||||||||
Electrical Equipment | 0.9 | 1.0 | 2.1 | ||||||||||
Electronic Equipment, Instruments & Components | 2.1 | 0.9 | 0.8 | ||||||||||
Entertainment | — | 0.5 | 1.2 | ||||||||||
Financial Services | — | 1.8 | — | ||||||||||
Food Products | 2.0 | 0.7 | — | ||||||||||
Gas Utilities | 0.7 | 0.5 | 0.7 | ||||||||||
Ground Transportation | — | 0.3 | — | ||||||||||
Health Care Equipment & Supplies | — | 0.4 | 1.5 | ||||||||||
Health Care Providers & Services | 2.8 | 2.6 | — | ||||||||||
Hotel & Resort REITs | — | 0.1 | — | ||||||||||
Hotels, Restaurants & Leisure | 0.7 | 1.6 | 1.5 | ||||||||||
Household Durables | 3.5 | 0.8 | — | ||||||||||
Household Products | 1.2 | 1.3 | 2.1 | ||||||||||
Independent Power & Renewable Electricity Producers | 0.9 | 0.3 | — | ||||||||||
Industrial Conglomerates | 2.3 | 0.3 | 1.2 | ||||||||||
Insurance | 5.2 | 2.7 | 2.7 | ||||||||||
Interactive Media & Services | 0.8 | 2.5 | 0.7 | ||||||||||
IT Services | 1.8 | 0.9 | 1.7 |
The accompanying notes are an integral part of these financial statements.
62 Annual Report
Industry† | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio | Lazard Retirement International Equity Portfolio | ||||||||||
Leisure Products | — | % | 0.2 | % | 0.8 | % | |||||||
Life Sciences Tools & Services | — | 0.7 | 2.0 | ||||||||||
Machinery | 1.9 | 1.6 | 2.7 | ||||||||||
Media | — | 0.6 | 0.7 | ||||||||||
Metals & Mining | 4.4 | 0.4 | — | ||||||||||
Multi-Utilities | — | 0.7 | 3.1 | ||||||||||
Office REITs | — | 0.1 | — | ||||||||||
Oil, Gas & Consumable Fuels | 8.4 | 1.2 | 3.3 | ||||||||||
Passenger Airlines | — | 0.1 | 2.0 | ||||||||||
Personal Care Products | 2.6 | 0.5 | 2.0 | ||||||||||
Pharmaceuticals | 0.9 | 4.6 | 5.3 | ||||||||||
Professional Services | — | 1.2 | 7.5 | ||||||||||
Real Estate Management & Development | 0.5 | 0.4 | 1.5 | ||||||||||
Residential REITs | — | 0.1 | — | ||||||||||
Retail REITs | — | 0.5 | — | ||||||||||
Semiconductors & Semiconductor Equipment | 12.6 | 3.3 | 4.7 | ||||||||||
Software | — | 5.5 | 1.6 | ||||||||||
Specialized REITs | — | 0.1 | — | ||||||||||
Specialty Retail | 1.2 | 1.1 | 3.2 | ||||||||||
Technology Hardware, Storage & Peripherals | 4.4 | 2.9 | 1.4 | ||||||||||
Textiles, Apparel & Luxury Goods | — | 0.5 | 2.6 | ||||||||||
Tobacco | 0.7 | 0.2 | — | ||||||||||
Trading Companies & Distributors | — | 0.5 | — | ||||||||||
Transportation Infrastructure | 1.5 | — | — | ||||||||||
Wireless Telecommunication Services | 2.2 | 0.3 | — | ||||||||||
Subtotal | 97.7 | 71.4 | 96.6 | ||||||||||
Exchange-Traded Funds | — | 1.2 | — | ||||||||||
Foreign Government Obligations | — | 19.5 | — | ||||||||||
Supranational Bonds | — | 3.3 | — | ||||||||||
U.S. Municipal Bonds | — | 0.7 | — | ||||||||||
U.S. Treasury Securities | — | 2.9 | — | ||||||||||
Warrants | — | 0.0 | — | ||||||||||
Short-Term Investments | 2.3 | 0.2 | 3.1 | ||||||||||
Total Investments | 100.0 | % | 99.2 | % | 99.7 | % |
† | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Annual Report 63
Lazard Retirement Series, Inc. Statements of Assets and Liabilities
December 31, 2023 | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio | |||||||
ASSETS | |||||||||
Investments in securities, at fair value | $ | 323,343,113 | $ | 244,889,522 | |||||
Cash | — | 430 | |||||||
Foreign currency, at fair value | 772,837 | 195,593 | |||||||
Receivables for: | |||||||||
Investments sold | 3,596,763 | 906,541 | |||||||
Dividends and interest | 672,538 | 1,315,130 | |||||||
Capital stock sold | 30,251 | 9,864 | |||||||
Cash collateral pledged for forward contracts | — | 300,000 | |||||||
Gross unrealized appreciation on forward currency contracts | — | 1,571,218 | |||||||
Total assets | 328,415,502 | 249,188,298 | |||||||
LIABILITIES | |||||||||
Payables for: | |||||||||
Foreign capital gains taxes | 353,678 | — | |||||||
Management fees | 267,282 | 127,470 | |||||||
Accrued distribution fees | 51,330 | 53,360 | |||||||
Accrued professional services | 33,709 | 36,122 | |||||||
Accrued custodian fees | 17,614 | 24,892 | |||||||
Accrued administration fees | 9,996 | 8,713 | |||||||
Accrued shareholders’ reports | 7,701 | 5,997 | |||||||
Accrued directors’ fees | 388 | 21 | |||||||
Investments purchased | 4,329,924 | 212 | |||||||
Capital stock redeemed | 96,782 | 120,361 | |||||||
Gross unrealized depreciation on forward currency contracts | — | 1,828,892 | |||||||
Other accrued expenses and payables | 26,448 | 2,873 | |||||||
Total liabilities | 5,194,852 | 2,208,913 | |||||||
Net assets | $ | 323,220,650 | $ | 246,979,385 | |||||
NET ASSETS | |||||||||
Paid in capital | $ | 310,046,092 | $ | 233,813,584 | |||||
Distributable earnings (Accumulated loss) | 13,174,558 | 13,165,801 | |||||||
Net assets | $ | 323,220,650 | $ | 246,979,385 | |||||
Service Shares | |||||||||
Net assets | $ | 230,885,467 | $ | 246,169,569 | |||||
Shares of capital stock outstanding* | 11,086,878 | 20,541,409 | |||||||
Net asset value, offering and redemption price per share | $ | 20.83 | $ | 11.98 | |||||
Investor Shares | |||||||||
Net assets | $ | 92,335,183 | $ | 809,816 | |||||
Shares of capital stock outstanding* | 4,485,531 | 67,328 | |||||||
Net asset value, offering and redemption price per share | $ | 20.59 | $ | 12.03 | |||||
Cost of investments in securities | $ | 288,623,467 | $ | 216,621,861 | |||||
Cost of foreign currency | $ | 772,907 | $ | 188,198 |
* | $0.001 par value, 2,550,000,000 shares authorized for the Portfolios in total. |
The accompanying notes are an integral part of these financial statements.
64 Annual Report
Lazard Retirement International Equity Portfolio | Lazard Retirement US Small Cap Equity Select Portfolio | ||||||
$ | 114,144,436 | $ | 41,670,700 | ||||
— | 38 | ||||||
496 | — | ||||||
214 | — | ||||||
613,251 | 36,274 | ||||||
26,706 | 1,820 | ||||||
— | — | ||||||
— | — | ||||||
114,785,103 | 41,708,832 | ||||||
— | — | ||||||
64,189 | 15,631 | ||||||
24,537 | 8,563 | ||||||
75,944 | 24,380 | ||||||
6,873 | 3,636 | ||||||
5,581 | 4,020 | ||||||
2,831 | 4,048 | ||||||
— | — | ||||||
69,488 | — | ||||||
38,838 | 3,545 | ||||||
— | — | ||||||
1,612 | 1,656 | ||||||
289,893 | 65,479 | ||||||
$ | 114,495,210 | $ | 41,643,353 | ||||
$ | 101,465,070 | $ | 37,045,474 | ||||
13,030,140 | 4,597,879 | ||||||
$ | 114,495,210 | $ | 41,643,353 | ||||
$ | 114,495,210 | $ | 41,643,353 | ||||
12,599,414 | 3,085,276 | ||||||
$ | 9.09 | $ | 13.50 | ||||
— | — | ||||||
— | — | ||||||
— | — | ||||||
$ | 102,997,023 | $ | 38,035,073 | ||||
$ | 491 | — |
Annual Report 65
Lazard Retirement Series, Inc. Statements of Operations
For the Year Ended December 31, 2023 | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio | |||||||
Investment Income (Loss) | |||||||||
Income | |||||||||
Dividends# | $ | 16,423,004 | $ | 2,755,962 | |||||
Interest | — | 4,641,259 | |||||||
Total investment income* | 16,423,004 | 7,397,221 | |||||||
Expenses | |||||||||
Management fees (Note 3) | 3,136,254 | 2,017,119 | |||||||
Distribution fees (Service Shares) | 563,964 | 628,709 | |||||||
Professional services | 227,112 | 190,419 | |||||||
Custodian fees | 139,383 | 145,741 | |||||||
Administration fees | 56,490 | 55,585 | |||||||
Shareholders’ services | 32,284 | 25,260 | |||||||
Shareholders’ reports | 29,938 | 26,262 | |||||||
Directors’ fees and expenses | 26,572 | 22,407 | |||||||
Other | 12,687 | 9,383 | |||||||
Total gross expenses | 4,224,684 | 3,120,885 | |||||||
Management fees waived and expenses reimbursed | — | (474,400 | ) | ||||||
Total net expenses | 4,224,684 | 2,646,485 | |||||||
Net investment income (loss) | 12,198,320 | 4,750,736 | |||||||
Net Realized and Unrealized Gain (Loss) | |||||||||
Net realized gain (loss) on: | |||||||||
Investments** | 10,582,853 | (15,946,346 | ) | ||||||
Foreign currency transactions | (152,782 | ) | (49,601 | ) | |||||
Forward currency contracts | — | (312,194 | ) | ||||||
Total net realized gain (loss) | 10,430,071 | (16,308,141 | ) | ||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments† | 40,514,654 | 39,858,817 | |||||||
Foreign currency translations | 6,203 | 32,862 | |||||||
Forward currency contracts | — | (2,566,378 | ) | ||||||
Total net change in unrealized appreciation (depreciation) | 40,520,857 | 37,325,301 | |||||||
Net realized and unrealized gain (loss) | 50,950,928 | 21,017,160 | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 63,149,248 | $ | 25,767,896 | |||||
*# Net of foreign withholding taxes of | $ | 2,011,095 | $ | 130,598 | |||||
** Net of foreign capital gains taxes of | $ | 167,126 | $ | — | |||||
† Includes net change in foreign capital gains taxes of | $ | (141,636 | ) | $ | — |
# | Dividend income for Lazard Retirement Global Dynamic Multi-Asset Portfolio includes $19,712 of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $150,310. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
The accompanying notes are an integral part of these financial statements.
66 Annual Report
Lazard Retirement International Equity Portfolio | Lazard Retirement US Small Cap Equity Select Portfolio | ||||||
$ | 3,300,667 | $ | 468,691 | ||||
— | — | ||||||
3,300,667 | 468,691 | ||||||
847,736 | 296,471 | ||||||
282,579 | 98,824 | ||||||
233,002 | 62,834 | ||||||
45,669 | 21,405 | ||||||
31,415 | 22,228 | ||||||
17,875 | 16,095 | ||||||
17,034 | 17,424 | ||||||
12,696 | 7,631 | ||||||
6,595 | 4,353 | ||||||
1,494,601 | 547,265 | ||||||
(124,768 | ) | (92,676 | ) | ||||
1,369,833 | 454,589 | ||||||
1,930,834 | 14,102 | ||||||
3,115,635 | 2,131,546 | ||||||
(43,296 | ) | — | |||||
— | — | ||||||
3,072,339 | 2,131,546 | ||||||
11,442,785 | 1,817,891 | ||||||
30,774 | (2 | ) | |||||
— | — | ||||||
11,473,559 | 1,817,889 | ||||||
14,545,898 | 3,949,435 | ||||||
$ | 16,476,732 | $ | 3,963,537 | ||||
$ | 177,302 | $ | 344 | ||||
$ | (19 | ) | $ | — | |||
$ | — | $ | — |
# | Dividend income for Lazard Retirement International Equity Portfolio includes $208,235 of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $385,537. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
Annual Report 67
Lazard Retirement Series, Inc. Statements of Changes in Net Assets
Lazard Retirement Emerging Markets Equity Portfolio | |||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations | |||||||||
Net investment income (loss) | $ | 12,198,320 | $ | 15,697,077 | |||||
Net realized gain (loss) | 10,430,071 | (13,940,258 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 40,520,857 | (59,756,108 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | 63,149,248 | (57,999,289 | ) | ||||||
Distributions to shareholders (Note 2(e)) | |||||||||
Net investment income and net realized gains | |||||||||
Service Shares | (10,821,249 | ) | (7,892,752 | ) | |||||
Investor Shares | (4,497,782 | ) | (3,219,877 | ) | |||||
Net decrease in net assets resulting from distributions | (15,319,031 | ) | (11,112,629 | ) | |||||
Capital stock transactions | |||||||||
Net proceeds from sales | |||||||||
Service Shares | 15,152,048 | 29,402,377 | |||||||
Investor Shares | 6,380,619 | 10,300,596 | |||||||
Net proceeds from reinvestment of distributions | |||||||||
Service Shares | 10,821,249 | 7,892,752 | |||||||
Investor Shares | 4,497,782 | 3,219,877 | |||||||
Cost of shares redeemed | |||||||||
Service Shares | (48,939,956 | ) | (58,701,465 | ) | |||||
Investor Shares | (14,068,387 | ) | (16,608,860 | ) | |||||
Net increase (decrease) in net assets from capital stock transactions | (26,156,645 | ) | (24,494,723 | ) | |||||
Total increase (decrease) in net assets | 21,673,572 | (93,606,641 | ) | ||||||
Net assets at beginning of period | 301,547,078 | 395,153,719 | |||||||
Net assets at end of period | $ | 323,220,650 | $ | 301,547,078 | |||||
Shares issued and redeemed | |||||||||
Service Shares | |||||||||
Shares outstanding at beginning of period | 12,241,538 | 13,291,351 | |||||||
Shares sold | 774,167 | 1,523,619 | |||||||
Shares issued to shareholders from reinvestment of distributions | 578,676 | 431,534 | |||||||
Shares redeemed | (2,507,503 | ) | (3,004,966 | ) | |||||
Net increase (decrease) | (1,154,660 | ) | (1,049,813 | ) | |||||
Shares outstanding at end of period | 11,086,878 | 12,241,538 | |||||||
Investor Shares | |||||||||
Shares outstanding at beginning of period | 4,637,037 | 4,833,215 | |||||||
Shares sold | 329,963 | 510,846 | |||||||
Shares issued to shareholders from reinvestment of distributions | 243,518 | 178,189 | |||||||
Shares redeemed | (724,987 | ) | (885,213 | ) | |||||
Net increase (decrease) | (151,506 | ) | (196,178 | ) | |||||
Shares outstanding at end of period | 4,485,531 | 4,637,037 |
The accompanying notes are an integral part of these financial statements.
68 Annual Report
Lazard Retirement Global Dynamic Multi-Asset Portfolio | Lazard Retirement International Equity Portfolio | |||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
$ | 4,750,736 | $ | 4,438,166 | $ | 1,930,834 | $ | 1,886,509 | |||||||||
(16,308,141 | ) | 6,070,920 | 3,072,339 | (2,690,039 | ) | |||||||||||
37,325,301 | (69,480,378 | ) | 11,473,559 | (19,755,794 | ) | |||||||||||
25,767,896 | (58,971,292 | ) | 16,476,732 | (20,559,324 | ) | |||||||||||
(13,610,980 | ) | (16,795,360 | ) | (1,474,339 | ) | (17,065,769 | ) | |||||||||
(36,504 | ) | (31,129 | ) | — | — | |||||||||||
(13,647,484 | ) | (16,826,489 | ) | (1,474,339 | ) | (17,065,769 | ) | |||||||||
5,869,105 | 20,016,778 | 10,624,686 | 8,973,572 | |||||||||||||
239,435 | 176,174 | — | — | |||||||||||||
13,610,980 | 16,795,360 | 1,474,339 | 17,065,769 | |||||||||||||
36,504 | 31,129 | — | — | |||||||||||||
(49,159,005 | ) | (41,140,696 | ) | (23,374,371 | ) | (17,254,628 | ) | |||||||||
(71,051 | ) | (55,358 | ) | — | — | |||||||||||
(29,474,032 | ) | (4,176,613 | ) | (11,275,346 | ) | 8,784,713 | ||||||||||
(17,353,620 | ) | (79,974,394 | ) | 3,727,047 | (28,840,380 | ) | ||||||||||
264,333,005 | 344,307,399 | 110,768,163 | 139,608,543 | |||||||||||||
$ | 246,979,385 | $ | 264,333,005 | $ | 114,495,210 | $ | 110,768,163 | |||||||||
23,065,409 | 23,354,843 | 13,930,885 | 12,692,339 | |||||||||||||
497,379 | 1,632,258 | 1,225,574 | 1,014,860 | |||||||||||||
1,221,811 | 1,419,726 | 173,044 | 2,127,901 | |||||||||||||
(4,243,190 | ) | (3,341,418 | ) | (2,730,089 | ) | (1,904,215 | ) | |||||||||
(2,524,000 | ) | (289,434 | ) | (1,331,471 | ) | 1,238,546 | ||||||||||
20,541,409 | 23,065,409 | 12,599,414 | 13,930,885 | |||||||||||||
49,451 | 36,797 | — | — | |||||||||||||
20,838 | 14,577 | — | — | |||||||||||||
3,268 | 2,627 | — | — | |||||||||||||
(6,229 | ) | (4,550 | ) | — | — | |||||||||||
17,877 | 12,654 | — | — | |||||||||||||
67,328 | 49,451 | — | — |
Annual Report 69
Lazard Retirement US Small Cap Equity Select Portfolio | |||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations | |||||||||
Net investment income (loss) | $ | 14,102 | $ | (31,977 | ) | ||||
Net realized gain (loss) | 2,131,546 | (850,876 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 1,817,889 | (6,987,316 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | 3,963,537 | (7,870,169 | ) | ||||||
Distributions to shareholders (Note 2(e)) | |||||||||
Net investment income and net realized gains | |||||||||
Service Shares | — | (11,137,660 | ) | ||||||
Investor Shares | — | — | |||||||
Net decrease in net assets resulting from distributions | — | (11,137,660 | ) | ||||||
Capital stock transactions | |||||||||
Net proceeds from sales | |||||||||
Service Shares | 5,976,052 | 3,852,251 | |||||||
Investor Shares | — | — | |||||||
Net proceeds from reinvestment of distributions | |||||||||
Service Shares | — | 11,137,660 | |||||||
Investor Shares | — | — | |||||||
Cost of shares redeemed | |||||||||
Service Shares | (6,481,300 | ) | (9,418,550 | ) | |||||
Investor Shares | — | — | |||||||
Net increase (decrease) in net assets from capital stock transactions | (505,248 | ) | 5,571,361 | ||||||
Total increase (decrease) in net assets | 3,458,289 | (13,436,468 | ) | ||||||
Net assets at beginning of period | 38,185,064 | 51,621,532 | |||||||
Net assets at end of period | $ | 41,643,353 | $ | 38,185,064 | |||||
Shares issued and redeemed | |||||||||
Service Shares | |||||||||
Shares outstanding at beginning of period | 3,112,478 | 2,651,650 | |||||||
Shares sold | 491,369 | 227,429 | |||||||
Shares issued to shareholders from reinvestment of distributions | — | 833,657 | |||||||
Shares redeemed | (518,571 | ) | (600,258 | ) | |||||
Net increase (decrease) | (27,202 | ) | 460,828 | ||||||
Shares outstanding at end of period | 3,085,276 | 3,112,478 | |||||||
Investor Shares | |||||||||
Shares outstanding at beginning of period | — | — | |||||||
Shares sold | — | — | |||||||
Shares issued to shareholders from reinvestment of distributions | — | — | |||||||
Shares redeemed | — | — | |||||||
Net increase (decrease) | — | — | |||||||
Shares outstanding at end of period | — | — |
The accompanying notes are an integral part of these financial statements.
70 Annual Report
Lazard Retirement Series, Inc. Financial Highlights
LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||||||||||||
Service Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 17.92 | $ | 21.86 | $ | 21.12 | $ | 22.00 | $ | 18.80 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) (a) | 0.74 | 0.89 | 0.61 | 0.36 | 0.43 | ||||||||||||||||
Net realized and unrealized gain (loss) | 3.14 | (4.18 | ) | 0.55 | (0.75 | ) | 2.95 | ||||||||||||||
Total from investment operations | 3.88 | (3.29 | ) | 1.16 | (0.39 | ) | 3.38 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.97 | ) | (0.65 | ) | (0.42 | ) | (0.49 | ) | (0.18 | ) | |||||||||||
Total distributions | (0.97 | ) | (0.65 | ) | (0.42 | ) | (0.49 | ) | (0.18 | ) | |||||||||||
Net asset value, end of period | $ | 20.83 | $ | 17.92 | $ | 21.86 | $ | 21.12 | $ | 22.00 | |||||||||||
Total Return (b) | 22.27 | % | –15.12 | % | 5.52 | % | –1.32 | % | 18.14 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 230,885 | $ | 219,359 | $ | 290,586 | $ | 364,846 | $ | 410,188 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 1.42 | % | 1.38 | % | 1.38 | % | 1.43 | % | 1.42 | % | |||||||||||
Gross expenses | 1.42 | % | 1.38 | % | 1.38 | % | 1.43 | % | 1.43 | % | |||||||||||
Net investment income (loss) | 3.81 | % | 4.65 | % | 2.72 | % | 1.95 | % | 2.10 | % | |||||||||||
Portfolio turnover rate | 25 | % | 25 | % | 35 | % | 27 | % | 19 | % |
The accompanying notes are an integral part of these financial statements.
Annual Report 71
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||||||||||||
Investor Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 17.72 | $ | 21.64 | $ | 20.91 | $ | 21.78 | $ | 18.58 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) (a) | 0.79 | 0.94 | 0.66 | 0.41 | 0.47 | ||||||||||||||||
Net realized and unrealized gain (loss) | 3.10 | (4.16 | ) | 0.55 | (0.75 | ) | 2.91 | ||||||||||||||
Total from investment operations | 3.89 | (3.22 | ) | 1.21 | (0.34 | ) | 3.38 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (1.02 | ) | (0.70 | ) | (0.48 | ) | (0.53 | ) | (0.18 | ) | |||||||||||
Total distributions | (1.02 | ) | (0.70 | ) | (0.48 | ) | (0.53 | ) | (0.18 | ) | |||||||||||
Net asset value, end of period | $ | 20.59 | $ | 17.72 | $ | 21.64 | $ | 20.91 | $ | 21.78 | |||||||||||
Total Return (b) | 22.61 | % | –14.96 | % | 5.80 | % | –1.03 | % | 18.36 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 92,335 | $ | 82,189 | $ | 104,568 | $ | 125,178 | $ | 174,389 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 1.17 | % | 1.13 | % | 1.14 | % | 1.18 | % | 1.18 | % | |||||||||||
Gross expenses | 1.17 | % | 1.13 | % | 1.14 | % | 1.18 | % | 1.18 | % | |||||||||||
Net investment income (loss) | 4.08 | % | 4.94 | % | 2.97 | % | 2.28 | % | 2.37 | % | |||||||||||
Portfolio turnover rate | 25 | % | 25 | % | 35 | % | 27 | % | 19 | % |
(a) | Net investment income (loss) has been computed using the average shares method. |
(b) | Total returns reflect reinvestment of all dividends and distributions, if any. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. |
The accompanying notes are an integral part of these financial statements.
72 Annual Report
LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||||||||||||
Service Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 11.44 | $ | 14.72 | $ | 13.53 | $ | 13.65 | $ | 11.61 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) (a) | 0.22 | * | 0.19 | 0.12 | 0.10 | 0.16 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.97 | (2.72 | ) | 1.48 | — | (b) | 1.91 | ||||||||||||||
Total from investment operations | 1.19 | (2.53 | ) | 1.60 | 0.10 | 2.07 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | — | (0.01 | ) | (0.41 | ) | (0.08 | ) | (0.01 | ) | ||||||||||||
Net realized gains | (0.65 | ) | (0.74 | ) | — | (0.14 | ) | (0.02 | ) | ||||||||||||
Total distributions | (0.65 | ) | (0.75 | ) | (0.41 | ) | (0.22 | ) | (0.03 | ) | |||||||||||
Net asset value, end of period | $ | 11.98 | $ | 11.44 | $ | 14.72 | $ | 13.53 | $ | 13.65 | |||||||||||
Total Return (c) | 10.81 | %* | –17.38 | % | 11.94 | % | 0.81 | % | 17.79 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 246,170 | $ | 263,766 | $ | 343,765 | $ | 354,856 | $ | 400,694 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | |||||||||||
Gross expenses | 1.24 | % | 1.19 | % | 1.20 | % | 1.22 | % | 1.20 | % | |||||||||||
Net investment income (loss) | 1.88 | %* | 1.55 | % | 0.82 | % | 0.75 | % | 1.23 | % | |||||||||||
Portfolio turnover rate | 92 | % | 87 | % | 75 | % | 177 | % | 115 | % |
The accompanying notes are an integral part of these financial statements.
Annual Report 73
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||||||||||||
Investor Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 11.46 | $ | 14.75 | $ | 13.53 | $ | 13.65 | $ | 11.61 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) (a) | 0.24 | * | 0.21 | 0.14 | 0.12 | 0.14 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.98 | (2.73 | ) | 1.49 | — | (b) | 1.93 | ||||||||||||||
Total from investment operations | 1.22 | (2.52 | ) | 1.63 | 0.12 | 2.07 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | — | (0.03 | ) | (0.41 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||
Net realized gains | (0.65 | ) | (0.74 | ) | — | (0.14 | ) | (0.02 | ) | ||||||||||||
Total distributions | (0.65 | ) | (0.77 | ) | (0.41 | ) | (0.24 | ) | (0.03 | ) | |||||||||||
Net asset value, end of period | $ | 12.03 | $ | 11.46 | $ | 14.75 | $ | 13.53 | $ | 13.65 | |||||||||||
Total Return (c) | 11.06 | %* | –17.28 | % | 12.16 | % | 0.96 | % | 17.79 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 810 | $ | 567 | $ | 543 | $ | 199 | $ | 32 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | |||||||||||
Gross expenses | 1.81 | % | 1.88 | % | 2.21 | % | 4.14 | % | 84.50 | % | |||||||||||
Net investment income (loss) | 2.03 | %* | 1.73 | % | 0.95 | % | 0.93 | % | 1.05 | % | |||||||||||
Portfolio turnover rate | 92 | % | 87 | % | 75 | % | 177 | % | 115 | % |
* | There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023. There was a 0.01% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2 (b) in the Notes to Financial Statements for further information. |
(a) | Net investment income (loss) has been computed using the average shares method. |
(b) | Amount is less than $0.01 per share. |
(c) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. |
The accompanying notes are an integral part of these financial statements.
74 Annual Report
LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||||||||||||
Service Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 7.95 | $ | 11.00 | $ | 10.62 | $ | 10.37 | $ | 8.60 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.15 | * | 0.16 | * | 0.31 | * | 0.11 | 0.20 | |||||||||||||
Net realized and unrealized gain (loss) | 1.10 | (1.80 | ) | 0.31 | 0.68 | 1.60 | |||||||||||||||
Total from investment operations | 1.25 | (1.64 | ) | 0.62 | 0.79 | 1.80 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.11 | ) | (0.35 | ) | (0.11 | ) | (0.22 | ) | (0.03 | ) | |||||||||||
Net realized gains | — | (1.06 | ) | (0.13 | ) | (0.32 | ) | — | |||||||||||||
Total distributions | (0.11 | ) | (1.41 | ) | (0.24 | ) | (0.54 | ) | (0.03 | ) | |||||||||||
Net asset value, end of period | $ | 9.09 | $ | 7.95 | $ | 11.00 | $ | 10.62 | $ | 10.37 | |||||||||||
Total Return (a) | 15.88 | %* | –15.01 | %* | 5.83 | %* | 8.24 | % | 21.00 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 114,495 | $ | 110,768 | $ | 139,609 | $ | 145,576 | $ | 152,725 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 1.21 | % | 1.11 | % | 1.10 | % | 1.17 | % | 1.12 | % | |||||||||||
Gross expenses | 1.32 | % | 1.19 | % | 1.18 | % | 1.27 | % | 1.20 | % | |||||||||||
Net investment income (loss) | 1.71 | %* | 1.62 | %* | 2.73 | %* | 0.88 | % | 1.87 | % | |||||||||||
Portfolio turnover rate | 41 | % | 31 | % | 37 | % | 33 | % | 32 | % |
* | Includes $0.02 for the year ended December 31, 2023 and $0.03 for year ended December 31, 2022 and the year ended December 31, 2021, respectively, of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.26%, 0.32% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.18%, 0.30% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
(a) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. |
The accompanying notes are an integral part of these financial statements.
Annual Report 75
LAZARD RETIREMENT US SMALL CAP EQUITY SELECT PORTFOLIO
Selected data for a share of capital stock outstanding | Year Ended | ||||||||||||||||||||
throughout each period | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20* | 12/31/19* | ||||||||||||||||
Service Shares | |||||||||||||||||||||
Net asset value, beginning of period | $ | 12.27 | $ | 19.47 | $ | 16.27 | $ | 16.46 | $ | 12.92 | |||||||||||
Income (Loss) from investment operations: | |||||||||||||||||||||
Net investment income (loss) | — | (a) | (0.01 | ) | (0.03 | ) | 0.03 | 0.04 | |||||||||||||
Net realized and unrealized gain (loss) | 1.23 | (2.64 | ) | 3.26 | 0.87 | 3.80 | |||||||||||||||
Total from investment operations | 1.23 | (2.65 | ) | 3.23 | 0.90 | 3.84 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | — | — | (0.01 | ) | (0.03 | ) | — | ||||||||||||||
Net realized gains | — | (4.55 | ) | (0.02 | ) | (1.06 | ) | (0.30 | ) | ||||||||||||
Total distributions | — | (4.55 | ) | (0.03 | ) | (1.09 | ) | (0.30 | ) | ||||||||||||
Net asset value, end of period | $ | 13.50 | $ | 12.27 | $ | 19.47 | $ | 16.27 | $ | 16.46 | |||||||||||
Total Return (b) | 10.02 | % | –15.52 | % | 19.87 | % | 6.76 | % | 29.93 | % | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 41,643 | $ | 38,185 | $ | 51,622 | $ | 51,291 | $ | 59,460 | |||||||||||
Ratios to average net assets: | |||||||||||||||||||||
Net expenses | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | 1.15 | % | |||||||||||
Gross expenses | 1.38 | % | 1.32 | % | 1.29 | % | 1.33 | % | 1.27 | % | |||||||||||
Net investment income (loss) | 0.04 | % | –0.07 | % | –0.17 | % | 0.15 | % | 0.27 | % | |||||||||||
Portfolio turnover rate | 63 | % | 34 | % | 61 | % | 71 | % | 60 | % |
* | On December 4, 2020, the Portfolio effected a 1:2 reverse share split. All per share data prior to December 4, 2020 has been adjusted to reflect the reverse share split. |
(a) | Amount is less than $0.01 per share. |
(b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. |
The accompanying notes are an integral part of these financial statements.
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Lazard Retirement Series, Inc. Notes to Financial Statements
December 31, 2023
1. Organization
Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund, comprised of twenty-three no-load portfolios (each referred to as a “Portfolio”), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis. Currently only the following four Portfolios, each of which is “diversified”, as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio (“Emerging Markets Equity Portfolio”), Lazard Retirement Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset Portfolio”), Lazard Retirement International Equity Portfolio (“International Equity Portfolio”), and Lazard Retirement US Small Cap Equity Select Portfolio (“US Small Cap Equity Select Portfolio”, which was formerly the Lazard Retirement US Small-Mid Cap Equity Portfolio). Each of the other nineteen Portfolios had not commenced operations as of December 31, 2023. Effective January 31, 2006, the Fund designated its existing class of shares as Service Shares and commenced offering Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares. As of December 31, 2023, only the Emerging Markets Equity and Global Dynamic Multi-Asset Portfolios had issued Investor Shares.
2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:
(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are
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valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.
Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.
Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.
Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.
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The Board of Directors (the “Board”) has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.
(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.
A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.
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As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statement of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio’s NAV.
(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.
The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.
A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency
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gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.
During the year ended December 31, 2023, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.
(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.
At December 31, 2023, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:
Portfolio | Short-Term | Long-Term | ||||||
Emerging Markets Equity | $ | (12,167,827 | ) | $ | (18,038,691 | ) | ||
Global Dynamic Multi Asset | (4,601,407 | ) | (8,178,784 | ) | ||||
International Equity | — | — | ||||||
US Small Cap Equity Select | — | — |
Under current tax law, post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2023, the Portfolios had no such losses to defer.
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For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:
Portfolio | Aggregate Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Emerging Markets Equity | $ | 290,372,522 | $ | 68,628,141 | $ | 35,654,311 | $ | 32,973,830 | ||||||||
Global Dynamic Multi Asset | 218,873,751 | 32,395,376 | 6,459,152 | 25,936,224 | ||||||||||||
International Equity | 104,528,285 | 17,960,344 | 8,344,193 | 9,616,151 | ||||||||||||
US Small Cap Equity Select | 38,542,131 | 5,592,604 | 2,464,035 | 3,128,569 |
Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
(e) Dividends and Distributions—For each Portfolio, income dividends if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.
Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, certain expenses, currency straddles, wash
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sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, capital loss carryforwards, equalization, foreign bond bifurcation, return of capital distributions, premium amortization, non-deductible organization expenses and distributions from real estate investment trusts.
The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:
Portfolio | Paid in Capital | Distributable Earnings (Accumulated Loss) | ||||||
Emerging Markets Equity | $ | 1,114,493 | $ | (1,114,493 | ) | |||
Global Dynamic Multi Asset | 446,453 | (446,453 | ) | |||||
International Equity | 187,773 | (187,773 | ) | |||||
US Small Cap Equity Select | (14,805 | ) | 14,805 |
The tax character of dividends and distributions paid during the years ended December 31, were as follows:
Ordinary Income | Long-Term Capital Gain | ||||||||||||||||
Portfolio | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Emerging Markets Equity | $ | 15,319,031 | $ | 11,112,629 | $ | — | $ | — | |||||||||
Global Dynamic Multi-Asset | — | 2,999,588 | 13,647,484 | 13,826,901 | |||||||||||||
International Equity | 1,474,339 | 5,306,293 | — | 11,759,476 | |||||||||||||
US Small Cap Equity Select | — | 3,201,468 | — | 7,936,192 |
At December 31, 2023, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:
Portfolio | Undistributed Ordinary Income (Deferred Ordinary Losses) | Undistributed Long-Term Capital Gain (Deferred Capital Losses) | Net Unrealized Appreciation (Depreciation) Including Foreign Currency | |||||||||
Emerging Markets Equity | $ | 10,762,643 | $ | (30,206,518 | ) | $ | 32,618,433 | |||||
Global Dynamic Multi-Asset | — | (12,780,191 | ) | 25,945,992 | ||||||||
International Equity | 3,142,597 | 254,303 | 9,633,240 | |||||||||
US Small Cap Equity Select | — | 1,469,310 | 3,128,569 |
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(f) Allocation of Expenses—Expenses common to the Fund, The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Service Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes (if applicable) based upon the relative net assets of each class.
(g) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.
(h) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.
3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements
The Fund, on behalf of the Portfolios, has entered into a management agreement (the “Management Agreement”) with the
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Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objective(s), policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:
Portfolio | Annual Rate | |||
Emerging Markets Equity | 1.00 | % | ||
Global Dynamic Multi-Asset | 0.80 | |||
International Equity | 0.75 | |||
US Small Cap Equity Select | 0.75 |
The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2024 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.
Portfolio | Service Shares | Investor Shares | ||||||
Emerging Markets Equity | 1.45 | % | 1.20 | % | ||||
Global Dynamic Multi-Asset (a) | 1.05 | 0.90 | ||||||
International Equity | 1.10 | N/A | ||||||
US Small Cap Equity Select | 1.15 | N/A |
(a) This agreement will continue in effect until May 1, 2033 for Investor Shares.
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During the year ended December 31, 2023, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:
Service Shares | Investor Shares | ||||||||||||||||
Portfolio | Management Fees Waived | Expenses Reimbursed | Management Fees Waived | Expenses Reimbursed | |||||||||||||
Global Dynamic Multi-Asset | $ | 468,435 | $ | — | $ | 5,252 | $ | 713 | |||||||||
International Equity | 124,768 | — | — | — | |||||||||||||
US Small Cap Equity Select | 92,676 | — | — | — |
The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.
State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.
The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, among other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.
Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Service Shares, for certain distribution activities and providing services to holders of the Portfolio’s Service Shares. The Distributor may make payments to participating insurance companies or to other third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.
SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.
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4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. The annual compensation in 2023 for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional fees for participation on ad hoc committees or other work performed on behalf of the Board. Effective January 1, 2024, the annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $252,500, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statement of Operations of each Portfolio shows the Independent Directors’ compensation and expenses paid by each Portfolio.
5. Securities Transactions and Transactions with Affiliates
Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2023 were as follows:
Portfolio | Purchases | Sales | ||||||
Emerging Markets Equity | $ | 75,844,951 | $ | 108,898,208 | ||||
Global Dynamic Multi-Asset | 222,176,245 | 257,089,181 | ||||||
International Equity | 45,434,966 | 58,293,838 | ||||||
US Small Cap Equity Select | 24,417,704 | 24,266,631 |
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US Treasury Securities | ||||||||
Portfolio | Purchases | Sales | ||||||
Global Dynamic Multi-Asset | $ | 7,171,073 | $ | 9,005,915 |
For the year ended December 31, 2023, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.
6. Investment Risks
Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.
(a) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, market manipulations, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on
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global economic and market conditions. Additionally, general market conditions may impact the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.
(b) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.
(c) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar
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may occur subsequent to acquisition of investments denominated in emerging market currencies.
(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.
(e) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.
Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices. A Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.
A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher-rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there
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is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering a Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.
Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).
Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.
Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to
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realize income prior to the receipt of cash payments with respect to these securities.
(f) Derivatives and Hedging Risk—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes and currencies; structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at
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a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.
(g) ETF Risk—Shares of exchange-traded funds (“ETFs”) may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only a Portfolio’s management fees and operating expenses, but also a Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which a Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions.
(h) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.
(i) Sector Risk—Implementation of certain Portfolios’ investment strategy may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular market sector, such as companies in the financials sector, and a Portfolio would be expected to be affected by developments in that sector. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements;
Annual Report 93
decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt.
(j) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.
7. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
94 Annual Report
8. Fair Value Measurements
Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:
• | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities |
• | Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities) |
Changes in valuation methodology or inputs may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.
Annual Report 95
The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2023:
Description | Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2023 | ||||||||||||
Emerging Markets Equity Portfolio | ||||||||||||||||
Common Stocks* | ||||||||||||||||
Brazil | $ | 12,064,568 | $ | 26,940,113 | $ | — | $ | 39,004,681 | ||||||||
Chile | 3,029,548 | — | — | 3,029,548 | ||||||||||||
China | 4,782,636 | 72,682,782 | — | 77,465,418 | ||||||||||||
Egypt | — | 2,250,601 | — | 2,250,601 | ||||||||||||
Greece | — | 5,329,810 | — | 5,329,810 | ||||||||||||
Hong Kong | — | 2,349,091 | — | 2,349,091 | ||||||||||||
Hungary | — | 10,923,851 | — | 10,923,851 | ||||||||||||
India | 3,351,961 | 16,900,771 | — | 20,252,732 | ||||||||||||
Indonesia | 3,978,271 | 11,631,909 | — | 15,610,180 | ||||||||||||
Mexico | 16,980,839 | — | — | 16,980,839 | ||||||||||||
Portugal | — | 7,903,477 | — | 7,903,477 | ||||||||||||
Russia | — | — | 2 | 2 | ||||||||||||
South Africa | — | 26,856,916 | — | 26,856,916 | ||||||||||||
South Korea | — | 36,840,842 | — | 36,840,842 | ||||||||||||
Taiwan | — | 40,639,222 | — | 40,639,222 | ||||||||||||
Thailand | — | 6,233,122 | — | 6,233,122 | ||||||||||||
United Kingdom | — | 4,250,127 | — | 4,250,127 | ||||||||||||
Short-Term Investments | 7,422,654 | — | — | 7,422,654 | ||||||||||||
Total | $ | 51,610,477 | $ | 271,732,634 | $ | 2 | $ | 323,343,113 |
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Description | Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2023 | ||||||||||||
Global Dynamic Multi Asset Portfolio | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | ||||||||||||||||
Australia | $ | 226,595 | $ | 2,496,250 | $ | — | $ | 2,722,845 | ||||||||
Austria | — | 133,696 | — | 133,696 | ||||||||||||
Bermuda | 89,768 | — | — | 89,768 | ||||||||||||
Brazil | 135,152 | — | — | 135,152 | ||||||||||||
Canada | 5,024,166 | 209,223 | — | 5,233,389 | ||||||||||||
China | 430,880 | 171,590 | — | 602,470 | ||||||||||||
Denmark | 261,436 | 1,917,579 | — | 2,179,015 | ||||||||||||
Finland | 230,524 | 76,268 | — | 306,792 | ||||||||||||
France | 1,274,459 | 2,244,506 | — | 3,518,965 | ||||||||||||
Germany | 214,250 | 1,682,593 | — | 1,896,843 | ||||||||||||
Hong Kong | 209,372 | 479,195 | — | 688,567 | ||||||||||||
Israel | 99,155 | 197,307 | — | 296,462 | ||||||||||||
Italy | — | 1,780,484 | — | 1,780,484 | ||||||||||||
Japan | 466,829 | 10,803,480 | — | 11,270,309 | ||||||||||||
Netherlands | 892,637 | 610,621 | — | 1,503,258 | ||||||||||||
New Zealand | — | 207,315 | — | 207,315 | ||||||||||||
Norway | — | 96,488 | — | 96,488 | ||||||||||||
Singapore | — | 1,076,008 | — | 1,076,008 | ||||||||||||
Spain | 304,162 | 503,034 | — | 807,196 | ||||||||||||
Sweden | 1,043,479 | 256,378 | — | 1,299,857 | ||||||||||||
Switzerland | 791,830 | 793,338 | — | 1,585,168 | ||||||||||||
United Kingdom | 1,905,670 | 2,385,797 | — | 4,291,467 | ||||||||||||
United States | 94,242,020 | 2,989,980 | — | 97,232,000 | ||||||||||||
Corporate Bonds* | — | 34,844,126 | — | 34,844,126 | ||||||||||||
Foreign Government Obligations* | — | 48,162,752 | — | 48,162,752 | ||||||||||||
Quasi Government Bonds* | — | 2,539,338 | — | 2,539,338 | ||||||||||||
Supranational Bonds | — | 8,058,032 | — | 8,058,032 | ||||||||||||
U.S. Municipal Bonds | — | 1,855,591 | — | 1,855,591 | ||||||||||||
U.S. Treasury Securities | — | 7,176,660 | — | 7,176,660 | ||||||||||||
Exchange-Traded Funds | 2,847,426 | — | — | 2,847,426 | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Investments | 452,083 | — | — | 452,083 | ||||||||||||
Other Financial Instruments† | ||||||||||||||||
Forward Currency Contracts | — | 1,571,218 | — | 1,571,218 | ||||||||||||
Total | $ | 111,141,893 | $ | 135,318,847 | $ | — | $ | 246,460,740 | ||||||||
Liabilities: | ||||||||||||||||
Other Financial Instruments† | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (1,828,892 | ) | $ | — | $ | (1,828,892 | ) | ||||||
Total | $ | — | $ | (1,828,892 | ) | $ | — | $ | (1,828,892 | ) |
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Description | Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2023 | ||||||||||||
International Equity Portfolio | ||||||||||||||||
Common Stocks* | ||||||||||||||||
Belgium | $ | — | $ | 973,792 | $ | — | $ | 973,792 | ||||||||
Canada | 3,209,113 | — | — | 3,209,113 | ||||||||||||
China | 756,975 | 3,678,400 | — | 4,435,375 | ||||||||||||
Denmark | — | 975,769 | — | 975,769 | ||||||||||||
Finland | — | 2,356,528 | — | 2,356,528 | ||||||||||||
France | — | 14,388,424 | — | 14,388,424 | ||||||||||||
Germany | — | 12,372,883 | — | 12,372,883 | ||||||||||||
Greece | — | 1,005,852 | — | 1,005,852 | ||||||||||||
Hong Kong | — | 1,200,323 | — | 1,200,323 | ||||||||||||
Ireland | 2,255,251 | — | — | 2,255,251 | ||||||||||||
Israel | 339,166 | — | — | 339,166 | ||||||||||||
Italy | — | 976,680 | — | 976,680 | ||||||||||||
Japan | — | 19,754,509 | — | 19,754,509 | ||||||||||||
Mexico | 1,316,792 | — | — | 1,316,792 | ||||||||||||
Netherlands | — | 4,578,157 | — | 4,578,157 | ||||||||||||
Singapore | — | 1,259,700 | — | 1,259,700 | ||||||||||||
South Korea | — | 1,566,113 | — | 1,566,113 | ||||||||||||
Spain | — | 1,570,976 | — | 1,570,976 | ||||||||||||
Sweden | — | 1,943,048 | — | 1,943,048 | ||||||||||||
Switzerland | — | 2,825,715 | — | 2,825,715 | ||||||||||||
Taiwan | 1,683,344 | — | — | 1,683,344 | ||||||||||||
United Kingdom | — | 18,359,860 | — | 18,359,860 | ||||||||||||
United States | 4,176,199 | 4,176,270 | — | 8,352,469 | ||||||||||||
Preferred Stocks* | ||||||||||||||||
Brazil | — | 1,428,255 | — | 1,428,255 | ||||||||||||
Germany | — | 1,439,972 | — | 1,439,972 | ||||||||||||
Short-Term Investments | 3,576,370 | — | — | 3,576,370 | ||||||||||||
Total | $ | 17,313,210 | $ | 96,831,226 | $ | — | $ | 114,144,436 | ||||||||
US Small Cap Equity Select Portfolio | ||||||||||||||||
Common Stocks* | $ | 40,992,662 | $ | — | $ | — | $ | 40,992,662 | ||||||||
Short-Term Investments | 678,038 | — | — | 678,038 | ||||||||||||
Total | $ | 41,670,700 | $ | — | $ | — | $ | 41,670,700 |
* | Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry. |
† | Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation). |
98 Annual Report
Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.
An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.
When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.
9. Derivative Instruments
The Global Dynamic Multi-Asset Portfolio may use derivative instruments, including forward currency contracts.
Forward currency contracts may be used for hedging purposes or to seek to increase returns.
During the year ended December 31, 2023, the approximate average monthly notional exposure for derivative instruments was as follows:
Forward currency contracts: | ||||
Average amounts purchased | $ | 65,800,000 | ||
Average amounts sold | $ | 59,500,000 |
Annual Report 99
The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2023:
Assets—Derivative Financial Instruments | Total | |||||
Forward currency contracts | Unrealized appreciation on forward currency contracts | $ | 1,571,218 | |||
Liabilities—Derivative Financial Instruments | ||||||
Forward currency contracts | Unrealized depreciation on forward currency contracts | $ | 1,828,892 |
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2023 was:
Net Realized Gain (Loss) from: | Total | |||
Forward currency contracts | $ | (312,194 | ) | |
Net Change in Unrealized Appreciation (Depreciation) on: | Total | |||
Forward currency contracts | $ | (2,566,378 | ) |
None of the other Portfolios traded in derivative instruments during the year ended December 31, 2023.
As of December 31, 2023, the Global Dynamic Multi-Asset Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.
The required information for the affected Portfolio is presented in the below table, as of December 31, 2023:
Description | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | ||||||||||||
Forward Currency Contracts | $ | 1,571,218 | $ | — | $ | 1,571,218 |
100 Annual Report
Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||
Counterparty | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Received(a) | Net Amounts of Derivative Assets | ||||||||||||||||
Citibank N.A. | $ | 639,882 | $ | (331,017 | ) | $ | — | $ | 308,865 | |||||||||||
HSBC Bank USA N.A. | 721,198 | (721,198 | ) | — | — | |||||||||||||||
JPMorgan Chase Bank N.A. | 157,990 | (157,990 | ) | — | — | |||||||||||||||
Morgan Stanley & Co. | 49,078 | (49,078 | ) | — | — | |||||||||||||||
State Street Bank & Trust Co. | 3,070 | (3,070 | ) | — | — | |||||||||||||||
Total | $ | 1,571,218 | $ | (1,262,353 | ) | $ | — | $ | 308,865 |
Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | ||||||||||||
Forward Currency Contracts | $ | 1,828,892 | $ | — | $ | 1,828,892 |
Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||
Counterparty | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged(a) | Net Amounts of Derivative Liabilities | ||||||||||||||||
Citibank N.A. | $ | 331,017 | $ | (331,017 | ) | $ | — | $ | — | |||||||||||
HSBC Bank USA N.A. | 831,945 | (721,198 | ) | — | 110,747 | |||||||||||||||
JPMorgan Chase Bank N.A. | 520,293 | (157,990 | ) | (300,000 | ) | 62,303 | ||||||||||||||
Morgan Stanley & Co. | 117,550 | (49,078 | ) | — | 68,472 | |||||||||||||||
State Street Bank & Trust Co. | 28,087 | (3,070 | ) | — | 25,017 | |||||||||||||||
Total | $ | 1,828,892 | $ | (1,262,353 | ) | $ | (300,000 | ) | $ | 266,539 |
(a) | Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein. |
10. Subsequent Events
Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.
Annual Report 101
Lazard Retirement Series, Inc.
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Lazard Retirement Series, Inc. and Shareholders of Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Lazard Retirement Series, Inc. comprising Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio (formerly known as Lazard Retirement US Small-Mid Cap Equity Portfolio) (collectively the “Portfolios”), including the portfolios of investments, as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above as of December 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
102 Annual Report
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
New York, New York
February 12, 2024
We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.
Annual Report 103
Lazard Retirement Series, Inc.
Board of Directors and Officers Information (unaudited)
Name (Year of Birth) Address(1) | Position(s) with the Fund (Since) and Term(2) | Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2) | ||
Independent Directors: | ||||
Franci J. Blassberg (1953) | Director (August 2014) | Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – present) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019) New York University School of Law, Adjunct Professor (2022 – present) | ||
Kenneth S. Davidson (1945) | Director (April 1997) | Davidson Capital Management Corporation, an investment manager, President (1978 – present) | ||
Nancy A. Eckl (1962) | Director (May 2007) | College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – 2023) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present) | ||
Trevor W. Morrison (1971) | Director (April 2014) | New York University School of Law, Eric M. and Laurie B. Roth Professor of Law (2013 – present, previously Dean from 2013 – 2022) | ||
Richard Reiss, Jr. (1944) | Director (April 1997) | Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present) | ||
Robert M. Solmson (1947) | Director (September 2004) | Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present) |
104 Annual Report
Name (Year of Birth) Address(1) | Position(s) with the Fund (Since) and Term(2) | Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2) | ||
Interested Directors(3): | ||||
Nathan A. Paul (1973) | Director (October 2017), Chief Executive Officer and President (February 2017) | Investment Manager, Vice Chair and Chief Operating Officer (February 2023 – present) Chief Business Officer (April 2017 – February 2023) and Managing Director (2003 – present) | ||
Evan L. Russo (1974) | Director (July 2022) | Investment Manager, Chief Executive Officer (June 2022 – present)
Lazard Ltd, Chief Financial Officer (October 2017-October 2022) and Managing Director (2009 – present) |
(1) | The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300. |
(2) | Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2024, 32 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation. |
(3) | Messrs. Paul and Russo are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager (“Interested Directors”). |
The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.
Annual Report 105
Name (Year of Birth) Address(1) | Position(s) with the Fund (Since) and Term(2) | Principal Occupation(s) During the Past Five Years | ||
Officers(3): | ||||
Mark R. Anderson (1970) | Vice President and Secretary (February 2017) | Managing Director (since February 2017) and General Counsel (since April 2017) of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022) | ||
Nargis Hilal (1984) | Chief Compliance Officer (July 2020) | Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President) | ||
Christina Kennedy (1990) | Treasurer (April 2022) | Senior Vice President of the Investment Manager (since January 2023, previously Vice President) Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019) | ||
Shari L. Soloway (1981) | Assistant Secretary (November 2015) | Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President) | ||
Jessica A. Falzone (1989) | Assistant Secretary (January 2019) | Senior Vice President and Counsel of the Investment Manager (since January 2023, previously Vice President) | ||
Cesar A. Trelles (1975) | Assistant Treasurer (December 2004) | Vice President of the Investment Manager (since February 2011) |
(1) | The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300. |
(2) | Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex. |
(3) | In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017, previously Vice President and Secretary), whose information is included in the Interested Directors section above. |
106 Annual Report
Lazard Retirement Series, Inc. Tax and Other Information (unaudited)
Tax Information
Year Ended December 31, 2023
The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2023.
Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.
Portfolio | Percentage | |||
Emerging Markets Equity | 89.96 | % | ||
Global Dynamic Multi-Asset | — | |||
International Equity | 96.95 | |||
US Small Cap Equity Select | — |
Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.
Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to US nonresident shareholders.
The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.
Portfolio | Foreign Source Income | Foreign Tax Paid/Credit | ||||||
Emerging Markets Equity | $ | 18,448,561 | $ | 2,256,003 | ||||
Global Dynamic Multi-Asset | — | — | ||||||
nternational Equity | 3,352,453 | 385,536 | ||||||
US Small Cap Equity Select | — | — |
Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gain paid to shareholders.
Portfolio | Long-Term Capital Gains | |||
Emerging Markets Equity | $ | — | ||
Global Dynamic Multi-Asset | 13,647,484 | |||
International Equity | — | |||
US Small Cap Equity Select | — |
Annual Report 107
Proxy Voting
A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.
The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.
Schedule of Portfolio Holdings
The Fund files each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.
108 Annual Report
NOTES
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Lazard Retirement Series, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com
Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Custodian
State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641
Transfer Agent and Dividend Disbursing Agent
SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015
Legal Counsel
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797
Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. |
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the “CEO/CFO Code of Ethics”). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.”
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant’s Board of Directors (the “Board”) has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Mr. Solmson and Ms. Eckl are “independent” as defined by the SEC for purposes of audit committee financial expert determinations.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $125,641 in 2022 and $143,960 in 2023 (plus expenses in each case).
(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant’s investment manager (“Lazard”) and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant (“Service Affiliates”) that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $368,560 in 2022 and $368,560 in 2023.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $25,891 in 2022 and $27,518 in 2023. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $3,004 in 2022 and $78,108 in 2023.
The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2022 and $0 in 2023.
(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.
There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.
(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures (the “Policy”) for pre-approval of the Auditor’s engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant’s Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor’s engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor’s independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.
(f) None.
(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $1,305,761 in 2022 and $1,309,430 in 2023.
(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board during the period covered by this report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing
date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(2) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Lazard Retirement Series, Inc.
By /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer
Date: February 27, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer
Date: February 27, 2024
By /s/ Christina Kennedy
Christina Kennedy
Treasurer
Date: February 27, 2024